Can Your First Home Be An Investment Property

This first investment property will help you learn and keep moving forward so that the next deals are even easier. So heres an idea for all you owner occupiers that are not living in your dream home.

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can your first home be an investment property

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So is it best to be a first home buyer or is it better to be investing instead.

Can your first home be an investment property. With property prices soaring in australias biggest capital cities the urge to buy a property is stronger than ever. For instance you can claim back some of your expenses including paper costs like depreciation and upkeep on the investment property. Move out and go rent somewhere that is.

A rental property purchase should first and foremost be viewed for its financial return. But before we get into the case studies lets look at what buying your first investment property as your principal residence actually means. Here are some issues that may help you make up your mind.

By turning your home into an investment property you can leverage your less than perfect credit less than perfect lifestyle and limited responsibilities into an investment. A beautiful property may not in fact be as profitable as a standard one such as an ex state house on an easy care section. The idea of making your first home an investment goes against the general notions of personal finance.

Home buyers should also remember that an ideal rental property and the ideal first home can be different. If the property is your home you have to pay for such expenses. Buying an investment property before your first home comes with a number of tax benefits.

Cant decide whether to buy your first property as your home or as an investment property. Instantly your bad debt becomes good debt. Its tempting to look for the house that you can get at a bargain and flip into a rental property.

However if this is your first property thats probably a bad idea. First time investors tend to buy a rental property first while continuing to rent themselves. Living in your own home has no benefit for cashflow as it is considered bad debt unlike an investment property that is considered good debt.

Investment property will most likely mean 20 down no special first time home buyer incentives higher rates points fees and reserves and youll probably need 2 full years of rental income before you can actually use that income towards qualifying for anything else. All it takes is a little bit of smarts and real estate shrewdness. Of course there are pros and cons to both so making sure youre armed with the right information is key and seeking professional advice around financing and the property market can be a good place to start.

3 ways to buy your first investment property as your home. Many first home buyers are now considering purchasing an investment property first rather than a home to live in. First home buyers instead buy their home and live in it until they may be able to afford an investment property.

Should Your First Home Be An Investment Property