Thinking of investing? Don’t know where or what to buy? Here are three things to remember.
By Hayley Pillar
1.Its not one size fits all.
Everyone has a different reason for investing, you may want to invest in property to help for your retirement, you may want to invest to help reduce your tax or you may want to buy an investment for your children’s future. Whatever your reason may be, think about it carefully and do your homework. There is a lot of people our there such as accountants, brokers and banks that can give you help with these things to make the right choice for you and your circumstances.
2.Think about it from a tenant’s point of view.
If you are thinking long term investment (which should be the case most of the time) you want to buy a property where tenants will stay long term and not have tenants coming and going (this is not great for your property) and also re let costs which will hurt your hip pocket. Bigger is always better, try and pick 4 bedrooms over 3 (if your budget allows) and always try and pick family friendly areas, close to schools, shops and public transport.
This is a good thing, the newer the property the better the depreciation. If you buy a property built after 1985 you can claim depreciation (which will be great at tax time), but you will need to have a Quantity Surveyor do this for you, the report can cost around $600-$800 but the report last for 10 years and gives you a scale each year of what your accountant can claim for you – the report is also tax deductible.