One of the most common aspects that separates the truly wealthy from the rest is that they recognise the value of paying for advice. This is particularly true when it comes to their property investment portfolio. Whether they’re looking to buy their primary residence, or expand their property investment portfolio, they seek the counsel of their team of professionals to ensure that they’re making smart financial decisions.
As the saying goes, it’s important to learn from your mistakes and keep moving forward, but it’s much less expensive to learn from the mistakes of others.
This week we outline the team of professionals that you should consider putting together to buy your next investment property:
Solicitor: A solicitor, or property conveyancer is required for the settlement of your property. They will arrange the transfer of funds and ensure that everything is in order for your purchase.
Property Managing Agent: A good managing agent will ensure that your property is presented in the best possible manner to attract the right tenant. They will also arrange to interview potential tenants, conduct background checks and carry out regular maintenance on the property. A good idea is to work with someone with a great network in the area that your property is in. Do note that the annual letting fee differs between each of the states and territories in Australia, so do your homework and ensure that you’re not overpaying.
Buyer’s Agent: A great property buyer’s agents should be able to sit with you and explore your financial objectives and goals as well as your current position. They will then work with you and/or your financial planner to ensure that your property investment strategy aligns with your overall financial objectives. Once they’ve identified your goals, they will work to your property mandate and identify suitable properties for you. Here we outline the pros and cons of working with a buyer’s agent.
Accountant: If you own an investment property in Australia, you will need to submit a tax return to the Australian Tax Office. An accountant can help ensure that you’re claiming the appropriate deductions, ensure that you have a depreciation report if you’re able to and that your tax returns are filed correctly.
Investment-Savvy Mortgage Broker: A great broker can save you thousands of dollars in interest payments over the years, although it’s important to do your homework and ensure that they understand the needs of investors. This includes how loans should be structured based on your situation and goals.
Mentor: You may also want to consider working with a mentor, which may be different to your buyer’s agent. This could be your financial planner, or a separate mentor that you seek counsel from.
LoanSuite Pty Ltd is your lending partner for all of your home loan, investment property, business and commercial financing needs. With our wide range of lending solutions, expertise in financial planning and investment strategies, and extensive experience in working with both Australian residents and Australian expats, we are your partners for your lending needs.
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LoanSuite Pty Ltd is an Authorised Credit Representative (Credit Representative Number – 494608) of My Local Broker (Australian Credit License – 481374). Important Disclaimer: Your complete financial situation will need to be assessed before acceptance of any proposal or product.