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How to avoid dumb decisions when starting out

You’re just starting down the road of property investment and are feeling equal parts excited and terrified.

You have no doubts that the property market presents a great opportunity to grow your wealth. But your hard-earned savings are on the line, and you don’t want to take an expensive misstep.

At Finnia, we want to share our experience with you and stop you from making all too common mistakes.

Determine your borrowing capacity

It might sound obvious, but the first step must be getting a good understanding of your own financial situation and loan capacity. It’s vital to get good clarity on what you can afford and where that would enable you to buy.

Consider the timing

The saying “there’s no time like the present” doesn’t always apply to property investment. Take a step back and look at what your career prospects are – will you likely see an increase in your earnings in the near future? Would it be better to wait until then? Another thing to consider is what government grants are available and how you could best take advantage of them.

Keep renting

Many people will hold off purchasing their first home because their ideal location is out of reach. As their savings increase, so do property prices, and the goal posts just keep shifting. If this is the case for you, keep renting and buy an investment property with the aim to pay it off in 10 years. This will give you a substantial capital base and will be your best chance of ending up in your dream home.

Take the emotion out of it

We all know good investment decisions need to be realistic and logical, but let’s be honest – most people use their heart over their head when buying a home. It’s easy to become attached to a ‘dream home’, the fear of missing out grows and you’re more likely to overpay.

That’s why getting an expert’s opinion is so important. At Finnia, we help you make the best investment decisions so that you realise your goals without making mistakes along the way. Book a discovery call now.

Disclaimer: The information provided in this blog and video is not legal, taxation or financial planning advice. It has been prepared without considering your specific needs, objectives and personal financial situation. Before acting on this information, we recommend that you consider carefully if it is appropriate for your needs, objectives and personal financial situation. All loan products are subject to lender criteria and approval. Fees, terms and conditions apply.

The average Australian earns $2.07 million over their working life, yet 80% will still find themselves broke after decades in the workforce.

You don’t have to be average. Use property as a tool to get you financially sorted for life!

We look forward to journeying with you on your way to lifestyle choices and wealth.