Don’t Let Extra Costs Get in the Way of Your Investment Property Dreams!

To start with, you must take into account all of the extra costs associated with purchasing a property beyond just the initial deposit. Purchasing costs like stamp duty and transfer of title can add up quickly and often must be paid along with your loan deposit usually around property settlement. Additionally, loan costs such as establishment fees, lenders mortgage insurance and valuation fees will also fall due as your loan is drawn down, so it’s important to budget accordingly. It’s important to remember that many of these extra costs, as well as other ongoing expenses such as insurance and maintenance, can often be claimed against the income from your investment property on tax returns. This means you could potentially reduce your taxable income by claiming the appropriate deductions, which can lead to substantial savings over time. Therefore, it is essential to do plenty of research and get professional advice when investing in a property to ensure that all potential costs are taken into account before signing any purchase contracts. By being mindful of the associated costs upfront and taking advantage of the available tax benefits, you can maximise your returns from an investment property in both the short-term and long-term. With the right advice, you can be sure to make the most of your property investment and watch as your wealth grows. Ready to build your team of professionals? Contact The Property Mentors today to get started. Good luck!