Many people begin their property investing journey at a young age, gaining early long-term benefits.
However, being a young property investor also means you may face several obstacles and challenges along the way.
Here are eight essential tips all young investors should consider before starting their property investing journey, in order to get the best possible results.
As a young property investor, there are several hurdles to overcome when preparing for your first investment property.
One of the greatest challenges as a first-time property investor is saving enough money for a deposit.
This can be difficult for young investors because of the amount required for a house deposit, where generally you need at least 10% of the purchase price.
Below are eight essential tips that can help young investors tackle these challenges and guide them to smarter property investment decisions.
1. Research and find a mortgage broker
A mortgage brokercan assist you through the financial process of purchasing an investment property and the correct steps to get you started on the right path.
They can do all the legwork for you in finding the right loan to suit your circumstances, plus take you through the entire application process, help you apply for any government grants or incentives you may be entitled to and keep you updated with the progress of the application.
2. Make short-term sacrifices
Consider making a few temporary sacrifices that will help save you money and be better financially prepared when it comes time to purchase your investment property.
Here are a few ways you can make wise money-saving sacrifices:
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