Prepare yourself with as much information on the Broome market and investing in property as you can. Many websites exist with good calculators
and market reports
It’s a good idea to speak with your local Agent and discuss your specific property goals and financial situation. It doesn't hurt to also ask the advice of family and friends who have had success investing in property. The more informed you are, the better choices you will make. To contact the Sales Team at First National Real Estate Broome click here
It’s a great idea to have your finances in order and know how much your bank is prepared to lend you. Having a clear strategy on how your property investment will fit in with your current finances and other investments will help when choosing the right property. The team at North West Finance are a great place to start when considering your options as they offer access to all the different banks and can advise what will suit your requirements best. Click here to complete our online form and have North West Finance contact you (takes 1 minute to complete)
Before you make your decision on which property to buy assess whether the investment will be easy to rent and popular among buyers when you decide to resell. It is also important to take into consideration not only the stamp duty and settlement agent fees but also rates, levies, management fees and ongoing maintenance. The numbers need to add up for your investment to work for you. Our Department Manager of Property Management, Charmaine Snow said “we are still leasing approximately 40 properties a month. If a property is presented well, in a good area and priced correctly there is no reason it should sit vacant.” If you would like to find out if a property would appeal to the rental market contact Charmaine by clicking here.
Lastly we strongly suggest you consider the age of the property and whether it might be due for some significant maintenance. When doing your calculations ensure you remember landlord protection insurance, air conditioner maintenance and property improvements to keep attracting a quality tenant.
If you would like to know more about how to begin your investment journey you can contact our team by Phone (08) 9192 2000 or register your details here.