If you're thinking about buying an investment property before the end of this financial year then you have just three months to go says David Airey President of REIWA.
While purchasing property should never be rushed, if you're considering the purchase of an investment property before 30 June, you should be sorting out your finances and looking at suitable properties now. This is particularly the case for first time investors.
More seasoned investors might choose to leave it to the last minute and hurry their purchase before 30 June simply as a strategy to claim the allowable tax deductions associated with the investment during this tax period.
Most people, however, wouldn't be inclined to do that because it could mean that as a buyer they have not had adequate time to properly research the market in terms of price, rental returns, availability of stock, etc.
Experienced investors tend to always keep an eye on the market and allow themselves plenty of time to select the best possible property for their needs, expectations and budget.
If you're a first time investor and perhaps been thinking about buying for a while, then now is the time to be talking to professional financial advisers about your aspirations and opportunities.
You should also be considering the areas in which to invest and plan to inspect suitable properties.
Remember to factor state government stamp duty into your purchase costs and to keep a clear record of this. When you sell the property in the future the stamp duty along with some other costs, such as agent's and settlement fees, are tax deductible.
I am often asked by members of the public to give them a tip as to, "the best place to invest."
There is no simple answer to this, it depends entirely on your budget and what you want your investment property to do for you.
Are you focused on rental returns, capital growth, land prices, development opportunities or tax deductions? Do you have cash or need finance? How long do you intend to hold this investment?
There is no such thing as 'the best place to invest', what matters most is that you follow the best ways to invest.
That means getting competent financial advice from professionals to determine your budget and loan and then talk to some agents about opportunities in the areas that suit your portfolio plan.
If you are pressed for time but want to purchase before 30 June, or just lack confidence as a prospective investor, then you may want to consider engaging the services of a buyer's agent to help you through the process with expert guidance and suggestions.