Plan your property purchase with confidence
Property is hard to get right, and when you are buying there are a flurry of decisions to be made.
I have seen many purchase errors arise due to a lack of a plan.
A well-constructed plan can ensure you make an informed decision and manage your risk, ensuring that you get the property you want, and this purchase decision doesn’t compromise your financial future.
We start with assessing the reasoning for the purchase and work backwards to find what need this property is fulfilling. It could be for your lifestyle or to grow your wealth.
*What property do you need, and why?
*What are the compromises?
*What are the must-haves?
*Are there other options?
*What happens if something goes wrong? For example, loss of income, interest rates go up.
*If investing, how exposed to location, property market in general?
*How much debt is required and how best to structure?
*Do you want to find it yourself, or use a professional like a buyer’s advocate?
*Have you engaged a mortgage broker to assess your lending capacity?
Whenever someone comes to me that is looking at buying a property the first thing we ask is “why?” and “what are we trying to achieve from this purchase?”.
Constructing a team of professionals can help avoid many errors.
As advisers we can help you plan this purchase in the rest of your financial life and answer questions such as:
*How does this property help you achieve financial freedom?
*What does your cashflow look like before and after the property purchase?
*How could you structure the property and loan?
*How can you protect your income to ensure the repayments on loan are made?
*When can you make work optional?
*How much can you comfortably spend each year and still achieve your goals?
*When will you be debt-free?
*Which financial strategies are of value to you and why?
*What are you not doing now which could improve your situation?
Want to know more?
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The information contained in this article is general information only. It is not intended to be a recommendation, offer, advice or invitation to purchase, sell or otherwise deal in securities or other investments. Before making any decision in respect to a financial product, you should seek advice from an appropriately qualified professional. We believe that the information contained in this document is accurate. However, we are not specifically licensed to provide tax or legal advice and any information that may relate to you should be confirmed with your tax or legal adviser.