Whether you are thinking about buying property for the first time or want to add more property to your portfolio, Crosby Dalwood can help you to reduce your tax, and protect your investment.
Buying Your Own Home
How much will it cost you?
Buying your own home will probably be the biggest financial decision in your life. You will need to understand how much that home is going to cost you now and in the future. The cost of your home does not stop with the purchase price. So it is very important to understand whether you can afford to buy your new home. Crosby Dalwood can help you to work this out and avoid being caught out.
Buying an Investment Property
How much money will it cost you and how much money will you make?
Before you buy an investment property you will need to understand how much it is going to cost you initially and on an ongoing basis. You will then be able to see whether you can afford to buy that property. You may also want to consider the likely investment return.
Whether you are buying a commercial or a residential property we can help you to assess your investment return and develop a cash flow plan.
Where do you buy your next investment property?
Many people have trouble finding the right property to buy. This takes a great deal of time and effort. If you are unsure of where to buy your next property we can refer you to an expert in this area.
Some investment properties can provide substantial tax deductions due to depreciation allowances. If you have not been provided with a Depreciation Report on your investment property at the time of purchase, then you may want to obtain one from a quantity surveyor. We can refer you to a depreciation expert or you can follow this link to arrange your own Tax Depreciation Schedule.
Things To Consider
Whether you are purchasing your own home or an investment property there are a number of decisions to make.
In whose name do you buy your property?
When you buy a home you have the choice to buy it in your own name, joint names (if you have a spouse), a trust or a company. Before signing any contract, it is worthwhile talking through this with us, particularly if any of the following apply to you:
- You run a Business
- You have a high risk profession
- You expect your circumstances to change in the future (eg live in property now but rent later)
- You are considering using superannuation to fund the purchase (investment property only)
- There are two or more investors with differing levels of income
Which bank do you choose?
Most people need to go to a bank to buy their property. There are a number of banks offering different finance packages to help you purchase your new property. But how do you determine which one is the best for you? Do you take up a fixed or variable rate loan? Is it best for you to use an interest only or principal and interest loan?
Over the years, we have found that everybody’s circumstances are different. Everybody has different income and savings habits. Therefore, one loan type does not fit all.
Our Mortgage Brokers can help you to choose a loan that suits you and gives you peace of mind.
Should you update your insurances?
Many people buy their new property and obtain building insurance for fire or damage. However, they forget about life insurance or income protection insurance*. When you buy your property it usually comes with a high bank debt. What happens if the main bread winner of a family gets sick, injured, or dies? Without insurance, it may be very difficult (if not impossible) to continue to fund the mortgage payments.
* Services provided as an Authorised Representative of Count. ‘Count’ and Count Wealth Accountants® are the trading names of Count Financial Limited, ABN 19 001 974 625 Australian Financial Services Licence Holder Number 227232 (‘Count’) a wholly-owned, non-guaranteed subsidiary of Commonwealth Bank of Australia ABN 48 123 123 124. Count is a Professional Partner of the Financial Planning Association of Australia Limited.