Can I afford a rental property?

True Property - Can I afford a rental property?

If you have been thinking about investing for a while, now might be the time to make your move. Investing in property has always been a smart move – when done correctly. There are long-term benefits that can often provide returns that exceed expectations or other investment vehicles. The questions you have to ask yourself are ‘Do I have the money to invest in property’? Or “How can I afford it?”

It is a big decision and our best advice is to talk to as many experts as you can before committing. Your local property manager, realtor, accountant and bank manager will assist you in deciding whether a rental property is the right investment for you.

Create a list of questions and research the answers before jumping online and looking at all the property listings. Here are some questions to get you started:

  • Is this a long, short or medium term investment?
  • Do you want to manage the property yourself?
  • Will you need to make savings in your personal budget to achieve your investment goal?
  • What do you want from your investment (freehold family home, retirement, future travel)?

Your Mortgage magazine has a nice online calculator tool to get you started and if you have any questions we are happy to answer get in touch with us. We are more than happy to have a chat about your goals and your specific situation.

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