Investing In Rental Property For Beginners
What to look for when selecting an investment rental property
Getting the right investment property, is crucial if you want to be a successful property investor.
It will involve you having to do some serious research around the area and the amenities.
- Overall area: Get an idea of what similar types of properties are selling for and how much the price has risen or fallen over the last few years.
This will indicate what the general Capital Growth of the area is.
- Amenities: Look at what amenities are close by.
– Things like shops, eating places and schools.
– How easy is it to get to public transport buses and railway stations?
Most potential tenants are looking for how accessible and convenient these things are.
Apart from the locational features of the investment property, you also need to be aware of such expenses as;
- property agent fees,
- rates and
- possibly body corporate fees, etc…
Depending on how high these expenses are could determine the viability of whether to purchase a certain investment property or not.
There are however, some ways that you can claim money back on your Tax by getting a Tax Depreciation Schedule done on your investment property.
This is a legal, Government scheme that can literally put Thousands of Dollars back into your pocket.
There is a lot to consider when purchasing an investment property. Doing your homework first, will give you a better understanding of the potential risks and hopefully the large benefits involved.
There are lots of good books for Property Investment Beginners that can help you to learn and to start you on your journey to property investment success!
We’ve made a list of books that we have heard really good things about and have listed some here in our Property Investing Resource Section.