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Buying your first investment property

investment property buying tips melbourne

Dipping your toe into the world of property investment can seem rather daunting for novices but it need not be if you seek the professional assistance of a qualified accountant.

We have been assisting investment property owners reach their goals of owning an investment property or two or three, with our many years of accounting expertise to ensure they maximise the advantages of owing rental property. Here, we share some tips for buying your first investment property to help you build your property porfolio.

Talk to an accountant

Before you run off and sign a contract on what you might think will be the deal of the century, talk to an accountant. Accountants, particularly those versant in property and development matters, have a wealth of knowledge covering areas of rental returns, gearing, depreciation, deductions, capital gains and taxation.

It will pay off in the long run to seek the initial advice of accountant to ensure any property you buy will ultimately be the right one.

Talk to your lender

Usually when you a buy an investment property there will be a mortgage involved.  Having a discussion with your lender can help set some parameters as to the price of the property you can afford and help you determine what your out of pocket expenses will be to hold an investment property.


Source the right property

After you consult your accountant, be sure you do plenty of research to ensure you buy the right property for your situation. Achieving capital growth and holding property is the end game, so you must buy wisely at the start.

Determine whether buying a house or unit is the best type of investment for your circumstances. Choose a location that you are familiar with for your first investment with good local facilities and know which demographic your investment property will appeal to.


Find a reputable property manager

Dealing with tenants can be fraught with danger if you don’t know what you’re doing. Rental tenancy authorities have a myriad of rules and regulations landlords need to be aware of as tenants have rights.

For a first property investment, it can be a wise idea to have a professional property manager manage the tenants and your property for you. Investing in property can be hugely rewarding for those who are well researched and well informed and can help set up your financial future.

If you are looking for an accounting firm you can trust with your first investment property, don’t leave it any longer – call Opulent Accountants today. We will ensure you get the most out of your investment property with deductions, depreciation, accounting and tax reporting.

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Nishant Kosambi
Nishant Kosambi
2 February 2023
Excellent work by Dayan, Chamie, Lihini and the entire team. They have always been very professional and helpful. They have taken care of my business and personal tax obligations for many years. They have also sought financial solutions for me. I am very happy with how thorough Dayan is with his work. Clear communication and regular follow-ups all the way. 5 stars for this gem of a person and his team.
Ajith Ratnarajah
Ajith Ratnarajah
6 November 2022
These guys are very professional. You get the best of both worlds of a personalised service from a company rather than from an individual accountant. Their processes are well established. I would strongly recommend Opulent for any small, big companies and high net worth individuals.
Da Bella
Da Bella
12 August 2022
I consider myself extremely luck to be introduced to Dayan and his team. I found the solution to my loan requirement in one meeting itself...Super efficient, friendly and humble....Opulent finance rocks!!
srikanth chintalapudi
srikanth chintalapudi
11 July 2022
Dayan and his team did it again!!! They're proactive and provided timely advice in the recent sale of my investment property. They're advice saved me a lot of $$. Dayan and his team have been assisting me for the last 10+ years and they're always a lifesaver. Highly recommend!
Chamith Subasinghe
Chamith Subasinghe
15 February 2022
The team at Opulent have been extremely helpful and resourceful in securing a home loan for me. The responses have always been quick and progress made quickly through the loan application process. The advice provided by Opulent is high quality and very useful, special call out to Ishara and Dayan who have been very knowledgeable, experienced and professional. I have recommended Opulent to my friends and they have had positive experiences as well. I would highly recommend giving Opulent a go!
Daniel C
Daniel C
26 December 2021
Highly recommend Opulent Accountants! I've been lucky enough to deal with Hasi, Dayan and Charlene and all three of them have been a great help. Thanks guys.
Sam
Sam
5 November 2021
Great Accountants and Mortgage Brokers. Prompt, Professional, Well-informed and Responsive.
Kesh Aryaratne
Kesh Aryaratne
11 October 2021
The team at Opulent are professional, accessible, friendly and most importantly prompt in getting matters sorted. I have had the pleasure in dealing with both Dayan and Hasi who have guided me throughout and have been extremely helpful in getting my complex tax matters sorted on time and in a professional manner. Great work guys.
Mukesh S
Mukesh S
29 September 2021
I was apprehensive to take the plunge into refinancing my loans. However Dayan and his team were very patient and made it a point to respond to all my queries and doubts . They must be leading busy lives themselves, however they were flexible and accommodative of my requests for meetings at close of business hours. Further I noticed that they are particular in their and the customer's paperwork. Along with Dayan, I'd like to call out the efforts put in by Ishara for ensuring a smooth transition. She has ben patient with my many queries and diligent in her handling of the paperwork. Thank you Dayan and team.