When it comes to buying property, or most anything else, there is a decision process that is normally gone through. Consequently to arrive at a decision there are always a number of criteria which must be considered.Quite often the criteria boundaries become confused when buying a property to live in or for investment purposes. The following list will give you some pointers as to where the major criteria should be placed.
To live in
- Put down a large sum of money.
- Borrow as little as possible. (Bad debt, you pay tax before you pay off the interest).
- Get the lowest Principal and Interest loan available. Don't be afraid to shop around.
- Pay extra off the principal to reduce your home mortgage sooner..
- Use your own personal preferences and taste to select your home. (emotions)
- Buy a property in an area that you like and meets your personal requirements. (emotions)..
- Put down minimum or no deposit.
- Borrow as much as you can. Include all set up charges. Good debt, the taxman could pay you before you pay the bank)
- Get an investment loan. Fixed interest only for the first few years. Use a Mortgage Broker for more options.
- Use other peoples money. Rental and tax returns to pay the investment loan..
- Use common sense and capital growth forecasts to choose the property. (eliminate the emotions)..
- Buy a property in an area of predicted high population growth and good rental demand..(eliminate emotions).
Enjoy Our Property Buying Guide
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Disclaimer:- the information above is general in nature and is no way intended as financial advice. Professional assistance should be sought from a licensed mortgage broker, or other financial specialist before making decisions on any loan types or conditions.