Key to Building Your Property Empire: Getting Into That First Property
Introduction
Securing your first property marks a significant milestone in your journey as a property investor. While it’s often the most challenging step, it lays the foundation for expanding your portfolio and leveraging its value for future acquisitions. This blog explores essential strategies to help you enter the property market strategically and successfully.
Key Insights
1. Saving for a Deposit Acquiring a property typically requires a deposit and additional costs like stamp duty. For instance, for a $400,000 property, you’d need approximately $35,000, including a deposit of $20,000.
2. Family Assistance If saving seems daunting, consider borrowing from family or friends, with plans to repay after refinancing.
3. Parental Loans Young investors can explore loans against parental property, managing repayments alongside their own.
Leveraging Grants and Strategic Buying
1. First Home Owners Grant (FHOG) Utilize FHOG benefits if eligible, remembering residency requirements.
2. Renting and Investing Consider buying an investment property in a high-growth area while renting elsewhere to maximize FHOG benefits.
Buying for Investment, Not Emotion
Ensure your purchase aligns with investment goals rather than emotional preferences, focusing on areas poised for growth.
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