Finance advice
property portfolio, cost of building a portfolio, property investment, property market, buying amrket, build a property portfolio

The costs of building a property portfolio

By Bianca Dabu

Beginning a property investment journey entails not only education and mentorship but also enough savings to jumpstart the acquisition phase of your journey. How much do you need to take out of your pocket as you start building your portfolio?

According to property professional Jack Needham, there is no magic formula for determining the amount of money you need in order to start investing in property.

Instead, here are some of the factors that can influence your initial expenditure:

1. Location and type of asset

The amount you need will be largely dependent on the location you want to buy in and the type of property you want to purchase.

Houses and units vary in costs and so do regional and city-based assets due to population and other socioeconomic drivers.

2. Investment strategy

Your chosen investment strategy can also affect how much money you need to jumpstart your investment journey.

As an investor, you can buy a more expensive property in a ‘blue-chip’ suburb using a larger capital then utilise negative gearing concessions to offset short-term losses, provided that the property achieves enough growth in value over time.

On the other hand, you can purchase a low-cost property with a higher rental yield if your priority is to sustain cash flow.

Whichever strategy you use, it’s important to remember that the price of a property is not a sufficient indication of its potential for success.

Mr Needham explained: “Spending the same amount of money on two properties will not guarantee that each will perform as well as the other. Growth and yield will come down to how well a property’s attributes stand up to the market.”

“With this in mind, any investor needs to conduct thorough research into the property they are planning to purchase to ensure it stacks up and maximises their investment dollars,” he added.

Property deposit

The deposit, which is defined as “the amount of money you put down at the start of the purchase in order to secure the property and financing” and is calculated as a percentage of the purchase cost, is one of the first costs associated to a property purchase.

In most cases, the deposit ranges from 10 per cent to 20 per cent of the purchase costs, but it can go higher depending on your chosen lender and property type, as well as your buyer profile.

Investors who pay low deposits, or below 20 per cent, and those who purchase properties at higher risk of default are often required to pay for lender’s mortgage insurance (LMI), which protects the lender once the borrower defaults on his mortgage.

“It is a one-off payment but it can be capitalised into the ongoing repayments on a home loan,” Mr Needham said.

Meanwhile, paying a higher deposit may improve your serviceability or increase the amount you can borrow, thereby giving you the opportunity to secure a higher-value property while avoiding additional costs such as the LMI.

However, a higher deposit may also lower your capital and hinder you from making further purchases in the near future.

Stamp duty and other costs

Aside from deposit and insurance costs, most investors are required to pay stamp duty on their property purchase depending on jurisdiction and property value. The cost can range from as low as $20 to tens of thousands of dollars, according to Mr Needham.

He said: “Stamp duty is also charged on the registration of a mortgage. This is a charge imposed by state and territory authorities, and varies by jurisdiction [and] ... is typically paid on an investor’s behalf by a lender and absorbed into mortgage repayments.”

“Some states, such as [New South Wales], have signalled their intention to abolish mortgage stamp duty,” the property professional added.

Pest and building inspections are also included in the initial costs associated to a property purchase. It may cost $400 or more, depending on the size of the property.

Buyers will also have to pay conveyancing fees to the legal representative for facilitating the property purchase and conducting title searches.

Once the property is secured, there will be more associated costs to holding the investment property, which includes loan repayments, council rates and land tax, water rates, insurance, body corporate fees, repairs and maintenance costs, property management fees, and tax on rental income, among others.

Setting a budget

Before starting your property investment journey, Mr Needham strongly encouraged setting a budget so you don’t go all out and spend your life savings to build your investment portfolio.

According to him: “Properties are tangible assets that are susceptible to damage from the people residing in them and the outdoor elements.”

“It is important to maintain a buffer for emergency repairs, ongoing maintenance, and periods of vacancy, or where your primary income might be subject to unforeseen change.

“It might mean making sacrifices to your day-to-day living expenses or limiting your initial investment amount, but maintaining access to emergency funds will pay off in the long run—often in ways you might not expect,” he concluded.

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podcast

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Luke’s first property investment included what he now looks back on as “learning experiences”. He chose it only because it was close to where he lived, he bought it at the peak of the market and he elected to manage his (unreliable, damage-prone) tenants alone. Sixteen years on, Luke now has 30 properties and a much better idea about how to approach the investment game.

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In this episode of the Smart Property Investment Show Luke joins host Tim Neary to unpack how he went about educating himself, how his investment style has changed over time and why patience is the name of the game.

Luke will also share how his initial mistakes discouraged him and had him doubting the wisdom of being an investor, and how his realisation of the importance of active management bought him back into line.  He will discuss the importance of having a strong support team and why it’s smart to put a proper value on your personal time.

If you like this episode, show your support by rating us or leaving a review on iTunes (The Smart Property Investment Show) and by following Smart Property Investment on social media: FacebookTwitter and LinkedIn.

If you have any questions about what you heard today, any topics of interest you have in mind, or if you’d like to lend your voice to the show, email [email protected] for more insights!

RELATED AREAS OF INTEREST:

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AREAS MENTIONED: 

Sydney
Brisbane
Adelaide
Wollongong
Geelong
Melton South
Cairns
Perth

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An unsure start in property investment leads to a 30-property portfolio
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  ["title"]=>
  string(66) "Leveraging your Blue Ink Finance Broker for more than just a loan."
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Promoted by Blue Ink Finance.

Budgeting tips when your Personal Debt is High.

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Credit card debts and personal loans are the greatest obstacle between everyday people and their potential to live in financial freedom.

Of course, I understand that sometimes getting a small personal loan is absolutely necessary. Unexpected costs like medical expenses can make personal loans the only option.

However, the majority of us have debt simply because we spend more than we earn.

In either case, your number one priority is unlocking those chains of debt that are holding you back.

I’m going to give you some tips for budgeting with hefty personal debt, but first I want to talk about the impact those loans are having on your life.

How much is your debt really costing you?

Over the years that you’re paying off your loans at the minimum repayment, the interest on those items will end up costing you multiple times more than the original borrowed amount - and those endless due dates will haunt you. There’s no freedom in that!

Let me give you an example. You’ll be shocked, I guarantee it!

Let’s say you have around $4,000 of credit card debt, charged at 19.99% p.a. If you paid only the minimum monthly amount, it would take 37 years to pay off the total debt.

How much will that $4,000 debt cost you? $19,200. Depressing, isn’t it?

You might feel like you need a full-blown money explosion to get out of debt, but don’t despair just yet.

What you need to do is arm yourself with a strategic budget, and I’ve got some tips to help you.

Budgeting while you have hefty personal debt is tough, but possible – and it’s essential for eliminating that debt forever. Let’s have a quick look at how you can start to tackle that mountain of borrowed money.

It’s time to take charge and break some chains!

There’s a method for reducing debt that has an excellent success rate, if you’re committed:

  1. Make a realistic budget (and stick to it)
  2. Reduce your expenses and/or increase your income until you are in the black
  3. Save an emergency fund first
  4. Pay off your personal loans and credit cards, starting with the either the smallest debt first or the debt with the highest interest rate
  5. Revise your budget as you go along.

Why an emergency fund is paramount to success

You’ll see I’ve put saving an emergency fund before paying off your loans. Even a small amount initially, like $500, is enough to stop the cycle of borrowing to pay bills, then paying out even more in interest each month, which leaves less in the bank to pay the next bill.

Once you have a buffer saved, then you can start aiming some serious firepower on your debt, and that’s when it gets exciting!

Think back to my credit card example. If you upped the payments each month from $84 per month to $212, you would have the card paid off in two years and save $14,285 in interest. That’s worth a little bit of effort, wouldn’t you agree?

Tips for a budget that works

You may need to cut back drastically on your expenses to clear your debt, but here’s some other ways to make the most of your budget:

  • Find micro-ways to reduce your expenses every day. Make work lunches at home, cancel a pay TV subscription, find a better phone deal, or pass on your afternoon chocolate bar from the vending machine. Instead of spending $40 on a takeaway dinner, have a bowl of cereal!

  • Find a friend who will keep you accountable. Having someone else who shuns a pricey outing to the day spa for a walk along the beach instead will make you feel better about saying ‘no’ to expensive events that will blow the budget.

  • Refinance your home loan to release some funds. If you have a mortgage, talk to us at Blue Ink Finance about the possibility of refinancing your home loan to allow you to release some equity to help clear your high interest, personal debt. It’s not always the best strategy, but it’s worth investigating, especially if you can consolidate it into a home loan that has a significantly lower interest rate.

  • If your income increases, leverage it! The only place that extra money should go is into paying off more debt. Enough said!

  • Refine and polish your budget as your circumstances change. Your budget shouldn’t stay the same. As you find more ways to decrease your expenditure and become adept at sticking to your financial plan, fine-tune your budget to reflect your savvy saving. Any spare change goes directly onto your debt.

  • Automate payments of bills, so you don’t spend the money first. This saves you from late fees if you forget, too.

The reality is that you won’t have a profitable budget until you get rid of that high-interest debt. The beauty of a budget is that it can get you there! Knock the debt, stay away from borrowing except for assets like property, and you’ll have a well-oiled financial plan that kicks goals instead of paying lenders!

At Blue Ink Finance, we have a team of expert brokers as well as a panel of industry experts that understand all the nuances of positioning your personal finances to kick real goals with Property Assets and can support you in achieving your goals.

Give the team at Blue Ink Finance a call on 1300 888 796 or click here to request your Complimentary Finance Review with one of our experienced Finance Coaches now.

And see how having a panel of industry experts on your side, can fast track your property goals.

About The Author

David Wegener
Chief Executive Officer
Blue Ink Finance

Who I am, and why I want to help you succeed.

As an award-winning Mortgage Broker with nearly 20 years’ experience in the finance industry, I’ve seen it all.

I’ve gone through constant industry changes and yet I still successfully help my customers borrow the money they need to get ahead.

As a Finance Coach, my goal is to help you understand your financial potential so that you can borrow with confidence.

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Leveraging your Blue Ink Finance Broker for more than just a loan.
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With the softening market impacting property values in many parts of Australia, Sally Dale, Opteon state director for NSW, ACT and Qld joins us to discuss the importance of valuations in the current property market

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Joining host Phil Tarrant, Sally will draw on her 25 years of experience in valuation and discuss the processes involved in arriving at a value for a particular property. She will also share how that process differs between commercial and residential properties and the difficulties which regional property valuations can present.

Sally will unpack the importance and cost of regular valuations on your properties, discuss whether presentation and owner input can sway a valuation and share what you should look for when seeking a reputable property valuer.

If you like this episode, show your support by rating us or leaving a review on iTunes (The Smart Property Investment Show) and by following Smart Property Investment on social media: FacebookTwitter and LinkedIn.

If you have any questions about what you heard today, any topics of interest you have in mind, or if you’d like to lend your voice to the show, email [email protected] for more insights!

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Sydney
Brisbane
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Can property presentation result in a higher valuation?

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