Investing in property is a significant life decision that can have far-reaching implications on your financial future. Whether you’re a first-time buyer, considering an investment property, or planning for the long term, understanding the key factors that influence your property journey is crucial.
One of the fundamental decisions you’ll face is whether to purchase a property as your primary residence or as an investment. For first-time buyers, there are government grants and incentives that can make buying your first home more affordable. However, keep in mind that your serviceability—the ability to service a mortgage—can be impacted when you choose to live in your property.
Combining forces with a relative or friend to buy a property can be advantageous, but it’s essential to understand the implications from a bank’s perspective. Banks hold both parties accountable for the property, affecting your serviceability. Ensure you have a clear structure in place for property ownership and potential exit strategies.
Using guarantees, especially from retired family members, can be risky. It’s essential to understand the potential consequences and explore alternative methods, such as cash gifts.
Getting married can change your financial dynamics significantly. While two incomes can boost your investment portfolio, they also affect your debt assessment. Careful planning is necessary to optimize your financial situation as a couple.
Intrigued by these insights on making informed property decisions? If you want to dive deeper into this topic and gain a more comprehensive understanding, we invite you to listen to the full episode of our podcast.
Your financial future may depend on it!
- 00:00 Welcome to Helpmebuy Property Podcast
- 05:23 Real Estate Investing and Renovation Risks
- 09:28 First-time Homebuyer Grants and Investment Property Purchases
- 14:34 Property Partnerships and Tax Implications
- 18:34 Financial Planning for Couples, Guarantees, and Debt
- 23:15 Financial Planning and Investing With Children