Buying a second property
Property investment is a great way to accumulate wealth – but not if you make mistakes and the property becomes an albatross around your neck.
So whether you are buying a second property to rent, or you are securing a holiday home there are some guidelines to follow.
First, make sure that the property doesn’t have unexpected defects. You don’t want to be saddled with expensive repairs to the roof structure or foundations. Neither do you want to replace the geyser or deal with rising or penetrating damp. A HouseCheck inspection will take care of this for you. Remember if defects are found it gives you room to negotiate. Either you can ask for repairs to be made or you can insist
Remember if defects are found in the property you are making an offer on, it gives you room to negotiate. Either you can ask for repairs to be made or you can insist on a discount to make the repairs or undertake the maintenance yourself.
Either way, you win.
Secondly, you should be approaching a tax expert to help you structure the way you buy your second or third property. Careful planning can save you a fortune.