Got serious plans to delve into property investment development (Perth)? Property investment is all about getting the numbers rights for future wealth creation. So how do you go about creating some wealth now so you can both develop property and maintain it?
Here are some budget tips for first time property developers!
1.Become a man (or woman) with a plan
Some of the greatest property development tips relate to research and planning. This extends to your budgeting as well! Set up a savings plan and goals, taking note of when you should hit key savings targets. This can help you keep motivated as you can track your progress and know exactly when you’ll have the deposit ready. Thinking of developing a duplex? Perhaps look up duplex plans and prices so you know the sort of outlay you’ll be required to make.
Committing to put aside a certain percentage of your pay packet is good practice for paying a mortgage. It can also be wise to put this money into a specific savings account that isn’t easy to withdraw from.
2.Get rid of other debts
Got a short-term loan hanging around? Still owe money on your car? What about credit card debt? It can be wise to pay off your debts before saving for property development – this can make you a better candidate for property development finance and increase your cash flow down the track.
P.S. Once you’ve paid off the credit card, get rid of it and pay your way with cash to avoid falling into future debt.
3.Tighten the belt
A great property development tip for saving money is to get ruthless with every dollar that passes through your hands. Do you need to rent, or can you move back home? Can you work a second job on the weekend? What about cancelling subscriptions and only going to the movies on Cheap Tuesdays?
Entertaining is expensive, so suggest dinner parties with friends instead of paying the high prices at restaurants and bars. All these things can add up to significant savings to help fast track your property investment development!
4.Short term pain, long term gain
While moving back home or avoiding expensive outings might seem like a backwards step, remind yourself of the big picture. These sacrifices are all contributing towards your exciting venture into property investment development (Perth), of which the long-term rewards will likely far outweigh any short-term inconvenience.
5.Stay on track financially with Westgate Finance and Summit Projects
At Summit Projects, we are full of property development tips. And one of our biggest is to talk to our trusted finance partner, Westgate Finance.
Westgate Finance can help you achieve a range of property development solutions, securing competitive finance that is well suited to your forecasted ingoings and outgoings.
Disclaimer: The information within this article is general information only and it does not constitute advice or recommendation. It does not take into account your financial situation, investment objectives or personal circumstances. Before making a decision about developing your property, you should seek independent financial, legal and taxation advice.