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Many property owners may be unaware that they are actually in a position to purchase an investment property, and for brokers this can provide many opportunities.
With the recent strong rise in property values, property owners – particularly those who have owned their property for several years – are likely to have accumulated equity in their property. By contacting these clients, brokers display a care for clients, they educate clients and give clients an opportunity to build their wealth.
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As with any large financial decision, clients should be guided to carefully plan a budget and seek financial advice before purchasing an investment property as there are additional costs to consider that they may be unaware of such as legal fees, stamp duty and building repairs, as well as factors external including interest rate rises and vacancy rate trends.
Investors may also be able to use equity in their investment property to fund further investment properties. In times of rapid growth in property values, such as the current market, or after several years of owning an investment property, this can be an attractive opportunity. Clients with investment properties may be unaware of this possibility.
If homeowners are looking to increase the value of their property portfolio without purchasing an investment property, equity can be accessed to renovate their existing property. This also opens opportunities for brokers to find clients more suitable loans during the refinancing process.
With clients’ equity growing almost daily, the property market is primed for both brokers and clients to be very successful.
