How do I save for my first property investment?
Are you looking to climb aboard the real estate ladder with investment property in Auckland? Unless you've just won the lottery, you won't get very far without some funds set aside for a deposit on a home loan.
Saving for a property investment can be just like going on a diet, and can often be just as painful too!
It doesn't have to be this way though. With a proper savings plan and property investment advice, you will be ready to make the dive into the real estate market in no time.
Use a dedicated savings account
Creating a high-interest account that can't be accessed via your wallet can make a significant difference to your saving ability.
Once you've set that up, you can arrange an automatic weekly payment from your normal transaction account. If you're really smart, you will schedule it so that it coincides with your pay day.
The best part about this is that once you've adjusted to your slightly smaller income, you won't even realise you're putting the money aside.
Set a goal
It is generally recommended to have a deposit of at least 20 per cent of the investment property's value.
Therefore, based off this statement, you can set yourself realistic savings goals. For example, if you're looking at investment property in Auckland for $500,000, you will need a deposit of $100,000.
Using this information you can set a realistic savings goal, as you will know how much needs to be put aside on a weekly basis to buy a property within a certain time period.
Talk to professionals
Getting advice from those who know and work in the industry can help you reach your goal of property investment in Auckland.
An authorised financial adviser from Goodlife will be able to give you property investment advice and pinpoint what kind of real estate will meet your ambitions and financial standing.
Here's to your financial independence!
Authorised Financial Adviser / Investment Property Expert
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