Property investment is a great way to build wealth. A lot of people agree that property presents a lot of good qualities as an investment vehicle. This is because property is consistent and steady as opposed to shares. It comes with consistency, stability, predictability and over long term it is quite a good investment vehicle.
If you buy your first investment property, what are the steps and how do you achieve this goal?
The first thing you should do when interested in buying an investment property is understanding your borrowing capacity. You should also have a clear idea of what your short and long term financial goals are. You should also reflect on your personal goals as personal life goals tend to impact your financial ones.
Should you buy a home to live in first or an investment property first?
This all comes down to personal chouce. There are advantages of an investment property from a tax perspective. This is because all costs associated can help reduce your taxable income. On a personal level however, there is nothing quite like buying and living in your own home. I have seen people succeed in their property investing goals having started either way.
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