Can I Afford An Investment Property?

At the moment almost every newspaper you open or news website you visit has news about exciting new investor opportunities or information on the thriving spring property market.  You might find yourself wondering if now is a good time to invest in real estate, but also if you can actually afford to do so.  Luckily it seems that anyone can afford an investment property with a good financial planning and a sensible long-term strategy.


One of the best things you can do when looking at your capacity to take on an investment property is to sit down and consider these essential things:


  • What is your current financial position, including income, assets and debts.  Most people have a fairly good understanding of how they are tracking financially, however it can be a good idea to take a “snapshot” of your position when considering buying a major asset.  You should seek financial help from an accountant or financial planner if you require assistance with these tasks.  If you are a homeowner, you may also wish to clarify the level of equity you have built up in the property with your bank or other lender.
  • Your 10 to 15 year financial strategy.    This is a critical task when you are wondering how to buy an investment property because it will help you not only refine and narrow your goals but also give you the path to achieving them.  If your plan is, for example, to build up a portfolio of more than 5 properties over a 15 to 20 year period, you will be able to create a strategy that makes this a reality. Setting regular practical milestones in your journey to wealth and financial independence can also keep you on track, even through the ups and downs of the property market.

One of the most affordable ways to break into the property investment market is to consider an off the plan property.  Such developments offer a number of considerable advantages to first time investors, including the ability to “lock in” a buy price with only a small deposit – usually only around 10% of the value of the property.  This means that in a rising market you get all the benefits of a capital increase when the development is completed without having to lift a finger.  The ability to secure a property without having to actually pay the majority of the price until the property is finished (which can sometimes take years) is another huge advantage to anyone looking to get their finances in order and to avoid having to borrow more from the bank for a mortgage. Finally, for a first time investor thinking about how to buy an investment property, an off the plan property offers substantial stamp duty or transfer duty savings in many circumstances.


Don’t forget that using a property investment company such as Ironfish can also give you additional benefits as an investor, including being offered pre-public and pre-negotiated deals on some of Australia’s most sort after off the plan developments.  If you’re wondering how to buy an investment property Ironfish will provide you with the expertise and local market know-how to help you make your goals a reality.




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