When deciding to buy an investment property, a common place to start is by trawling through property websites. However, there is a more important step that needs to be taken before jumping headfirst into the market – that is understanding your finances.
While it might not be as fun as your property hunt, it is important because it will dictate the type of properties you can buy.
So what do you need to know when buying an investment property?
When it comes to investing in property, there are two key aspects to your finances – your deposit and your income. In a nutshell, your deposit will help you buy the property while your income will help you hold the property over the long term.
Capital growth or rental income, why do you want to invest in property?