If you are wondering whether your first property venture should be an investment property or a home, I suggest you start with your own home.
To get started, you may have to buy into a less expensive suburb or area, but at least you can get a hold on the property ladder. The government will assist you with the Federal First Home owners grant and often enough a State Grant as well.
If your home need a bit of work done, that is fine because you can bring up the value. The same if you are buying into an up and coming area that is a bit less expensive.
After a year or two you will find your property will most likely have grown in value. Plus you will have been making steady payments which will lower the amount owed. So your equity in the home can be a springboard for funding your first investment property. (Equity is the amount of home you own outright less the mortgage.)
When you get around to purchasing your first investment property it will be easier than paying off your home loan, because, if you set up the financing and ownership correctly both the tenant and the tax man will assist you in making your mortgage payments. The tenant's contribution will be their rent and the tax man will help through depreciation tax benefits.
If you have a question about real estate, or would like assistance in locating a property, feel free to phone me, Noel Thompson Principal Professionals Logan Lifestyles at either Waterford 3900 7733 or Browns Plains 3800 4000 or Springwood 3808 5544
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