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Are you considering investing your money in an investment property and becoming a property investor? If yes, you need to know what costs are involved and how to establish the best ownership structure for your asset. As many newcomers find out – it is not always a simple process to make an investment, especially in […]
If yes, you need to know what costs are involved and how to establish the best ownership structure for your asset. As many newcomers find out – it is not always a simple process to make an investment, especially in property, and it can be even more challenging to find the best ownership structure that fits your needs and requirements whilst minimizing your long-term costs.
To avoid any unpleasant surprises, it is advisable to do some research first and become well aware of the hidden costs that nobody talks about:
There are some items in the checklist which need your careful consideration when you are planning to invest in property and work out affordability.
When deciding to proceed with investment in property, you should also think about the structure of the ownership. Again, the choice depends very much on your set goals, ability to take risks, financial strength, and other aspects. So, you need to put in balance several options and see which one suits you.
Matters such as your ownership structure offer quite a few options to consider. Individual or joint ownership, ownership through a company, partnership, or trust, or ownership via your Self-Managed Superannuation Fund each carry associated risk and reward profiles.
Each structure has pros and cons for your unique scenario, so you will need to look at each option and make the correct choice for you. Doing this in the correct manner right from the start will help you manage your risks and will get you closer to the investment goals you want to reach. Since investing in property involves a considerable amount of money, you are well-advised to do things the right way from the start.
In all this process, there is one part that is often very challenging for most investors. Even if you are an excellent business person and have great management skills, the legal chapter may be hard to tackle. That’s why you need an experienced property lawyer you can trust.
Aylward Game is a Brisbane, Gold Coast and Sunshine Coast legal practice with a great reputation and key knowledge in the property law area. Our professional staff is experienced in all aspects of buying and selling a property, both commercial and residential.
Speak with us today on 1800 217 217.
Contact
United Service Club
Level 4, 183 Wickham Terrace, Brisbane QLD 4001
Free: 1800 217 217
Phone: 07 3236 0001
Fax: 07 3236 0005
Email: mail@aylwardgame.com.au
https://aylwardgame.com.au/do-i-need-property-insurance-right-away/