Looking to buy your next investment property?
Some investors are finding some great deals in this current climate. Your maximum loan may be able to be increased by sharpening your current interest rates and restructuring your debt. Some loan amounts can fall short with current interest rates and wages which are not keeping pace with living expenses.
Some properties used to be positive geared and are now negative geared – costing you money to retain the property. Living expenses also affects costs such as insurance, property management, maintenance as well as rates.
Changes in your personal situation may also increase your loan amount – children who are no longer dependants, change of job with increased income, tax deductible assets, loans which have been paid out, reduction of living expenses.
Restructuring your debt position can increase your ability to borrow for your next property. This can mean the difference between buying a property in the better suburbs compared to downtown where the demand to rent may not be as popular.
What does this mean? Capital growth and access to future equity could allow you to buy your next property sooner than you realise. Buying the next investment property may not be for everyone. Consider if you are close to retirement or a major life change when pondering if you want to buy your next investment property.
If you would like to know more about how you can buy your next investment property, please call 0403 211 361 or email hello@georgefinancialservices.com.au
