Property Purchase Ready
Buying property is one of the major financial decisions you will make in your lifetime.
Most Australians only go through this process once, twice or maybe three times in their lifetimes, and mainly in respect of the house they will live in.
Less than 8% of Australians own residential investment properties, and very few own more than one.
As buying property is something you don't do very often, it is not unusual to be hesitant and unsure if you're making the right decision.
When buying an investment property, there's a lot that goes on in a relatively short time. Property inspections, contracts, arranging finance, appointing an agent to manage the property, insurances and changeover of utilities. And all this on top of our already busy lives. But while there's a flurry of activity around the time of purchase and settlement, soon it's all over and things get back to normal.
Of course, the main things that don't change are the property and the mortgage - if all goes to plan they will both be with you for a long time.
Sometimes after the event you will worry about whether you have made the right decision. Buyer remorse is not uncommon with such a large purchase.
Was investing in property the right thing to do? Did I get the timing right? Did I pay too much? What if I lose my job? What if I lose a tenant? What if interest rates go up? These are all valid questions.
But if you take the time to know your numbers, do your research properly, take a long-term view, and have a plan up front to address issues which could arise there is less chance of these negative thoughts taking control and you are more likely to enjoy your property purchase decision!
You need to be Property Purchase Ready. This means you Know Your Numbers, have a clear long-term goal, understand what makes a successful investment property, and identify and have a plan to deal with the issues which may arise with property ownership.
If you've been thinking about buying property but are not sure if it's the right thing to do, it may be best to talk to someone experienced in property ownership and finance who can guide you through the process.
Let us help you with our complimentary Property Purchase Ready Financial Health Check as your first step towards creating wealth.
When you go through this process you will identify if you are able to buy an investment property now, or what you need to do to become ready if now is not the right time for you.
We are happy to help you start your wealth creation journey, but you must do a little bit of work up-front for us before the meeting.
Step 1 – Know Your Numbers
To help us provide this service for you, we need you to tell us a little bit about yourself. Please complete the following two questionnaires, which will be securely transferred to us electronically.
5 Minute Financial Health Check
The first one is a short survey where you get to tell us how you feel about various aspects of your financial position. It will only take a few minutes and gives us some great insight into areas that may be troubling you and where we may be able to add value for you.
About You Questionnaire
The second one will take a bit longer - maybe 20 to 25 minutes and provides more detailed information about your financial position – investments, loans, super and insurances.
Next, we need you to do a budget based on your current income and expenses. We've got a useful budget calculator that could help.
If you need help working out your net (after tax) income, use this calculator
Save a pdf file "Current Budget" to discuss during our meeting.
To book your complimentary meeting, please:
- Complete the 5 Minute Financial Health Check and About You Questionnaires
- Send us an email with the subject line Property Purchase Ready Assessment
- Note in the email your preferred method of contact, and a good time to call if by phone.
- Attach a copy of the following documents to the email:
One of our team will call you to arrange your complimentary meeting with Stuart.
- The Current Budget pdf document you prepared for us.
- Latest loan statements for each loan
- The loan contract / offer document for any current loans
- Council rates notice for each property you own
- Last 2 payslips for yourself and partner (if relevant)
- Your latest superannuation statements
By following this process, we can make sure all the information we need is gathered up front and can be reviewed before the meeting, which saves us both time and makes the meeting far more productive.
The first step is to take advantage of our complimentary initial meeting, where we review your numbers, identify your maximum borrowing capacity, discuss your goals, and identify what makes a good investment property. If you're not yet Property Purchase Ready, we'll discuss some actions you may need to take to get there.
This is a high-level overview of strategies and opportunities only and does not commit either of us to an ongoing relationship. Of course, we hope you choose to continue to work with us.
You will need to allow at least 30 minutes for the meeting, and then an extra 30 minutes each for the Mortgage Health Check and the Retirement Gap Assessment if you would like to see if you can get a better deal on your mortgage or if you want to see if you're on track with your retirement plans.
We're happy to spend the extra time to help you, but please just let us know which of the health checks you want to cover at the meeting, so we can reserve enough time for you.
There is also some extra work you will need to do for us before the meeting for the Retirement Gap Assessment, so make sure you follow the instructions to enable us to provide that service for you.
ou'll get to decide whether you need our help beyond this stage or not. There's no obligation on either you or us to proceed past Step 1.
Step 2 – Get professional advice
Of course, when you're ready to act the two biggest financial decisions involved in buying an investment property are which property to buy and how to finance it.
While some people will choose to do everything themselves, unless you have the necessary training, experience and plenty of time on your hands this is rarely the best course of action.
In fact, even though I've done the training to become a Qualified Property Investment Adviser® and licenced real estate agent, and am an experienced property investor, I seek professional help in choosing my investment properties. I realise I don't have the time to do the required research, nor do I have the negotiating power to get the best deal possible - I leave this up to the professional team at BlueWealth Property, an organisation which specialises in researching property markets and sourcing investment properties for finance professionals and their clients.
If you decide to work with us to arrange the finance, we will agree on the scope of the engagement and a fixed fee for service before any work is commenced.
Step 3 – Develop a plan and implement it
If you want to get ahead in life, you must take positive action to make things happen - even if you feel uneasy and question your judgment from time to time.
After all, we've all heard that profound but simple statement – "if nothing changes, nothing changes".
CLICK HERE TO EMAIL US AND BOOK A MEETING