Thinking of Investing in a Rental Property
Crunch the Numbers : Budget Wisely!
Before taking the plunge, get down to the nitty-gritty of your finances. Set a clear budget that includes not just the property purchase price but also other costs like legal fees, healthy home standards, potential renovations, property management + tax.
Ensure your rental income will comfortably cover mortgage repayments and ongoing maintenance expenses. It's smart to have a contingency fund in case of unexpected vacancies or repairs. Don't forget to consult with a Mortgage Adviser to find out if your borrowing power aligns with your purchase goals + most definitely talk to an Accountant as well.
For more help with your money mindset and making financial confidence the norm, look up Broke to Brilliant on all your favourite podcast platforms – you won’t regret it!
Becky Runga – Mortgage Adviser