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Make the most of your Annual Financial Health Check

July 13th

Gartland property

Annual Financial Health Check


This time of year is great for many. The end of the financial year is when many get their annual financial health check. They look at what they have earnt for the year, and wonder ‘what have I spent my money on?’, others will save their tax return and put it towards the deposit for a home purchase, and it is also the ideal time for an accountant or financial advisor to pin you down and put an investment strategy in place.


Property investment is not just limited to a ‘rental’, property investment summarises a first, family or new home for the owner occupier as it will form the catalyst for further investment strategies as you gain equity in your property. Investment encompasses a private rental property, property within a family trust or Self-managed super fund, holiday or short-term rental, and speculative investing for land banking and longer term development opportunities.


Implementing a plan or strategy may seem complex, however, it does not need to be. We see the largest percentage of buyers implanting their own process, which is called I may be generalising but the clear majority of buyers start looking online without being armed with the tools to effectively execute an outcome when they see something they like.


Whether it is your first time or twentieth time, purchasing property is exciting, and being effectively prepared will enhance your chances of making it a smooth as possible. An investment or purchase plan will streamline the buying process for you. The key steps; research your financial capability; create a wish list of property criteria and location; research values in these areas; and contact the key professionals that you will need.


Identify your borrowing power


Identifying what you can spend is a very important starting point. Your borrowing power may dictate your shopping list and by talking to a finance specialist they will be able to accurately advise what your budget will be. In many cases, a face to face meeting can be much more accurate than doing a quick online or over the phone ‘pre-approval’. They will account for government grants, stamp duty, and other extra costs that you may not factor in.


Research, Research, Research


Research the style of property that you are after and the suburb that you are investing in. There is no exact science with this, so the greater the information you have the better. This is where a good real estate agent can help, as we can provide suburb reports, comparative sales analysis, rental yields, school zones, infrastructure, and urban growth plans.


Once you have established where and what you wish to buy, you will need to grow your team of contributors. You will already have your financial professional, but you will need a legal representative to help facilitate the transaction, a building inspector to check out the integrity of the property and a quantity surveyor for your depreciation schedule if it is an investment property. Your ‘team’ will work together to make this as smooth as possible and I am happy to make recommendations as required. It is an exciting time, so take the stress out of the process and utilise the skills of those that are well placed to help.

It’s all in the detail.
It’s all in the detail.
It’s all in the detail.
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