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What do I need to look out for when investing in property?

Choosing an investment property is very different to choosing a home to live in.  Keep our tips in mind when considering properties to invest in:
  • Match the property to your long term real estate strategy.  Consider whether you want to buy commercial, industrial, or residential real estate.  Decide whether you want properties that are ready to move into, or would prefer cheaper properties that require improvements. 
  • Understand all the costs of property ownership. Aside from buying the property, there will be other expenses such as real estate fees, Council rates, property inspections and property management fees.
  • Think about protecting yourself with Landlord Insurance. This will cover things like unexpected repairs, lost income if you need to evict your tenants, or damage if your tenants turn out to be the wrong type for your property.
  • Calculate how long you will be able to cover the mortgage repayments for if the property is vacant, and factor this into your overall budget.
  • Shop around for the right loan, and make sure the one you select suits your strategy. For example, if you’re looking for short term capital gains, an interest only loan may help as this will lower repayments and increase your cash flow.
  • Keep up to date on the latest property trends. Contact First National to receive our Property Market Outlook, which includes tips, trends and predictions.
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