Real estate Gold Coast wide is in demand, and for many good reasons. Global consultant firm Knight Frank’s annual The Wealth Report 2016 revealed that the Gold Coast ranks among the top 3 locations to buy a second home. That report compared properties across the world, not just in Australia. If you want your investment to be lucrative, there are a few things you should know before you buy Gold Coast real estate.
Know What You Can Afford
Budgeting should be done before you look at your first potential property. You have to know how much you can comfortably afford so you know which properties are a good fit. Review your assets and income, so you have accurate numbers to work with when you begin your home search. Many Australians think they cannot afford to invest but are surprised to find that they actually can. Having a stable job with reasonable pay and a proven employment history is a big part of getting approval for financing.
Buy Property with Grants
A grant can help offset the coast of your real estate investment. The government offers a First Time Home Owner Grant scheme, also known as an FHOG. This one-off grant is available to new home buyers who are:
- 18 years of age or older
- A citizen of Australia or permanent resident
- A first time homeowner (spouse must also be a first time homeowner)
- Buying or building a home
- Looking at a home valued at under $750,000
In Queensland, this grant is known as the Queensland First Home Owners’ Grant. The amount was recently boosted for a total potential payout of $20,000.
Compare Loans Before You Sign
The first loan option presented to you may not be the best available. Once you have combed real estate Gold Coast wide and found the ideal location, you need to start your search for the best financing solution. It can be tremendously helpful to have a professional on your side to help you jump through the hoops and get approval.
The easiest way to compare home loans is to request a fact sheet from the lender you are considering. These documents will provide an overview of the loan so you can compare fees and features side by side. You’ll see how much total will be paid over the entire loan period, interest rates and all applicable fees you will have to pay should you move forward.
Choose an Investment that Fits Your Lifestyle
There are many investment opportunities available on the Gold Coast, but not all are equal. You should also choose the right property based on your available resources and lifestyle. For example, if you are considering a home that requires significant repair and renovation, are you sure you can finish the job? Do you have time to do it yourself or will funds be available to hire a contractor? Make sure your Gold Coast real estate investment will fit with your lifestyle.
Find Financing for Real Estate Gold Coast Wide!
The best way to finance your real estate investment is with the help of a professional who understands the industry. Catrina at Seajay Mortgage Brokers brings over 15 years of industry experience to every investment she handles. Contact her today to learn more and start your journey to a lucrative real estate investment!