Getting into the property market isn’t necessarily black and white. You’ll be surprised what you can do. Some things are non-negotiable – savings and a decent wage are essential, but when setting your property goals, find yourself a good property coach and learn exactly how you can get there. And always, always, think outside the square.
Look into Rentvesting
You can create a situation where you can get the best of both worlds by renting where you want to live and being able to also invest where you want to invest, meaning that you are maximising your living now (even though it isn’t your home that you are living in) and also investing where your strategy will best place you at the time and at the same time reducing your tax payable by claiming deductions from your rental property.
Think about a joint venture
A Joint Venture can be a very rewarding process both financially and personally. They can provide you with a fast-track to your next property investment or simply a way to get into the property market for the first time without having to go it alone.
Take advantage of the First Home Buyers Grant
The First Home Owner Grant (FHOG) scheme was introduced back in 2000 to offset the effect of the GST on home ownership. It’s a national scheme funded by the states and territories and administered under their own legislation. This one-off grant is payable to first home owners that satisfy all the eligibility criteria – and it’s available in every State.
Get savvy with your cashflow
Budget is a dirty word to some. And to be honest, I don’t like the word either. But knowing your cashflow is the first step to property success. Simplifying your living style and working out ways where you can save can actually be an eye opening, empowering exercise. Simply by knowing how much your wasting on things that don’t really add much value to you life is a surefire way to STOP spending on things you don’t really want or need.
Get started with this super easy to use Cashflow Calculator or if you want something a little more shmick check out the Sort your Money Out Cashflow Course (use coupon code ‘m3’ for a 20% discount).
Buy off the Plan
When you buy your property, think of its future potential. If you end up selling later on, you’ll want your property to appeal to as many buyers as possible. For example, it would be much harder to sell a one-bedroom apartment in an area predominantly filled with families with children.
Remember, you don’t have to buy YOUR ‘dream home’
Your first property does not need to be your ‘lifelong property’ or emotionally driven. Don’t be disillusioned if you can’t afford the 6 bedroom spa-radise you see yourself swanning about in and entertaining the masses. Investing in property can be a stepping stone. The best investments may not be WHERE YOU want to live, but shifting your thinking and chatting to experts about the hotspots and notspots, and where and what to buy will get you there faster.
Get yourself a Property Coach
And learn, learn learn! Set yourself up for the long-term – and a property coach can save you thousand of dollars worth of mistakes!