Investing in property is part of the Australian dream, and owning your own house or apartment is something that holds enormous appeal to a lot of Aussies. However, taking the plunge and purchasing a home can be quite a daunting proposition, particularly if you're looking at luxury Sydney apartments in some of the city's most sought-after suburbs. To make things a bit simpler for you, the Crown Group team has put together a handy guide to making your property investment dreams come true in 2018
The first step in purchasing property is getting all the relevant information and assets together, namely, saving your deposit.
1. Get your ducks in a row
The first step in purchasing property is getting all the relevant information and assets together, namely, saving your deposit. You'll need this as security for your lender, and to prove that you can earn and save enough money to pay back your debt. Typically, this deposit will be between 5 and 20 per cent of the total property value, depending on your personal financial situation. In addition, it's a great idea to start talking to lawyers and other specialists you'll need help from in advance to make sure you can move quickly when you do find a luxury apartment in your price range.
2. Do your research
Property is a big investment, and before taking the plunge it's imperative to know as much as possible about your purchase. That means doing your research, specifically on the areas where you're looking to buy. As a general rule, it's a smart decision to invest in areas that are on the up, such as Sydney's Waterloo precinct, where your investment will grown in value over time as the area becomes more and more desirable.
3. Be ready to pounce
Once you have your deposit saved and know where you'd like to buy, it's important not to waste too much time. Sydney's market can be a fast-moving one, and the value and availability of properties can change quickly. If you find a home you like and can afford, being ready to buy straight away will mean you won't have to worry about missing out.
4. Make the most of your purchase
Finally, once you've purchased your luxury apartment and moved in, you'll want to make every cent of your investment count. That means decorating your new home in a way that will last the difference and suit your lifestyle, as well as making the most of any on-site amenities, such as a gym or swimming pool. These facilities are a huge part of the appeal of luxury apartments, so don't let any of them go to waste and spend as much time as possible enjoying them.
To find out more about investing in Sydney's luxury apartment market, contact the Crown Group team today.