Perth property investment market is going very well, much of this success is to do with the WA property markets affordability in comparison to other states.
Is a small budget holding you back from property investment? Think again!
So you might be surprised to learn that you don’t need a hefty bank balance to dive into the property market. Let’s explore how you could make this dream a reality.
1. Unlock Your Home’s Potential Through Equity
What’s Equity? It’s the difference between your property’s market value and what you owe the bank. For instance, if your home is worth $800,000 and you owe $500,000, you have $300,000 in equity.
How Can It Help? If the value of your home has appreciated or you’ve made significant progress on your mortgage payments, you could be sitting on a hidden treasure. By refinancing, you can tap into this equity, providing you with the means to invest without depleting your savings.
2. Think Beyond the City
Why Regional? If city investments are stretching your budget, consider looking into regional areas. Many of these zones have recently surpassed major cities in performance, especially when it comes to vacancies, rental rates, and property values.
Hotspots to Consider in 2023: Refer to the latest “Top 10 Affordable Regional Areas 2023” report for inspiration. This comprehensive study, based on affordability, property trends, investment considerations, project development, and unemployment rates, highlighted the following standout areas:
- Queensland: The Whitsunday Region, Mackay Regional Council, The Charters Towers Region.
- New South Wales: Federation Council, Dubbo Regional Council, The City of Lithgow.
- Victoria: City of Greater Bendigo, City of Greater Shepparton, City of Ballarat.
- Tasmania: Central Coast Council.
3. Two Heads Are Better Than One
Joint Ventures: Consider teaming up with someone. It could be a friend, family member, or another investor. Pooling resources can make property investment more accessible.
Remember: This is a big decision. Always get legal advice to ensure everyone’s on the same page.
4. The Off-the-Plan Route
How It Works: You sign a contract, pay a deposit (often just 10%), and settle the balance once the property’s built. This gives you time to get your finances in order.
Pros: Lock in today’s price, even if property values soar during construction.
Cons: There are risks, like potential drops in property value. Always research thoroughly.
Ready to Dive In?
Exploring finance options is a crucial step. Reach out to us! We’re here to guide you through the maze and help you align with your investment objectives.
Ready to get started?
As your mortgage broker, we’ll organise pre-approval on your home loan and get your loan application over the line, so that everything runs smoothly come settlement day.
Get in touch today and let’s chat about your exciting new property purchase.
Please get in touch today! Regards Glenn Biggins.
This article provides general information only and has been prepared without taking into account your objectives, financial situation or needs. We recommend that you consider whether it is appropriate for your circumstances. Your full financial situation will need to be reviewed prior to acceptance of any offer or product. This article does not constitute legal, tax or financial advice and you should always seek professional advice in relation to your individual circumstances. Subject to lenders terms and conditions, fees and charges and eligibility criteria apply.