The Brisbane property market is currently booming. Demand remains high due to the expectation that mortgage rates will remain at record lows for an extended period of time. You may be tempted to sell your investment property, but how do you know you’re ready?
The first thing to do is to avoid selling with a long tenancy in place. This will limit your buyer market to investors. Investors, unlike people looking to be homeowners, buy without emotion and they will only pay a price based on return.
Another tip is to calculate how much Capital Gains Tax you’re likely to pay. Capital gains tax is charged on the profit you make from the sale of certain assets, such as your investment property. Your Accountant or Financial Advisor can help you determine the number.
Finally, find out how much equity you have. Your home equity is the difference between your property’s market value and the balance of your mortgage. If you’ve owned your home for a few years, there’s a good chance you’ve built up some reasonable equity in your property. You may be in a position to grow your investment portfolio without a huge deposit.
To learn the value of your investment property, head over to our website www.rentalresults.com.au or contact Lauren Robinson on 0731237373