If retirement is right around the corner for you, you might be thinking that it is too late for you to start investing in property, and you might be wishing
that you had started 20 years ago. However, it’s not necessarily true that you have missed the boat completely. It will depend on how much time you
have left until retirement, what your borrowing capacity is, and what your equity and/or cash position is. So, bearing in mind that this is not the
forum for individual financial advice, here are some general tips for you.
Tip #1: Speak to a mortgage adviser ASAP
You need to determine what your purchase capacity is, based on both equity and provable income. If you don’t have large amounts of cash available that
you can use to buy property, you will also need to understand what your mortgage payments would be on a purchase. For example, if the bank is only
willing to give you a 10 year loan term on Principle & Interest, this is going to cost you a lot more than someone who can get a 30 year loan on
Interest Only terms.
Tip #2: Reduce the risk of making a mistake
Time fixes many mistakes in the property market, but if your timeframe is limited, it is vital that you reduce the risk of making a mistake because you
won’t have the benefit of time on your side to do the “healing” for you. When it comes to property, a bad decision can take a decade (or more) to recover
from financially. With property investing, the more you know, the lower the risk. There are plenty of free resources available about how to be a...
