Investing in property is such an attractive concept. The prospect of showcasing or renting out one’s own home is something many people look forward to. If you’re looking to buy your first home, you may want to think of it as an investment rather than merely a place of residence. Whilst most folks would rather wait until after their first or second homes to do so, with a proper plan in place, you can actually start much sooner than you think.
The benefits of investing
A notable benefit of the ”investment first” benefit is that it can put you in a position to buy a better first home than what you could originally afford. Once your investment property generates rental income, you’ll have better finances to service the loan. Add to that, you can claim most of the costs as tax deductions. If the property increases in value in the future, you can use that as equity to buy a better home the next time around.
Is investing right for you?
More and more first home buyers are investing in Australia’s property market. The strategy isn’t for everyone, though, so you need to evaluate your finances and personal situation carefully.