So you’re looking to purchase investment property for the first time? And why wouldn’t you, it is a tried and tested way to build wealth as well as a relatively easy investment option that you can manage yourself. Naturally there is a range of things to consider and decide before you should delve into your first investment property. The purpose of this article is to give property investment tips on one of most critical areas to determine first: the budget!

I will be using the purchase of a Residential Rental Property as the example in this case

Before you can start looking at possible rental properties to purchase you need to consider just how much you are prepared to spend. How much you spend will depend on your situation in life. Some may be able to pay cash up front, whilst others may have borrowed as much as they can from the bank to finance the venture.

Firstly, you’ll have a very strong indication of your …