In this episode of the My Mortgage Podcast, we're exploring the nuances between new builds and existing properties, navigating renovations, and understanding location dynamics.

We're kicking off today by unpacking the differences between new and existing properties. New builds can offer distinct tax benefits and a streamlined lending process, while existing properties come with their own set of financial considerations and tax implications.

There are two primary ways new builds come to life: fixed price contracts and turn-key options. We talk about the financial aspects and the ease of bank processing between these models.

Deposit is also important as there are big differences between new builds ( currently 20% deposit) and existing properties (35% deposit). We also discuss the potential for adding value through renovations and leveraging existing equity.

Consideration around the different title types can also affect what is the best option for an investor when it comes to units, leasehold properties, and body corporate dynamics. While these properties might seem cheaper initially, they can have higher deposit demands and lease renewals can impact property value.

There are a whole host of different ways to add value to existing properties, with strategies like subdivision, converting dwellings, and minor dwellings. These can all be excellent for cashflow and equity gain, but the practical challenges cannot be underestimated, especially for first-time property investors.

Many first time investors look at properties in cheaper or more remote locations, drawn in by prices and their ability to borrow to purchase in those areas. In this case it's important to do clear due diligence, considering factors like rentability, maintenance expenses, and long-term value.

From strategies to add value through renovations to navigating the allure and challenges of cheaper locations, Claire & Greg share their tips around the various types of rental properties and the pros and cons of each.

Book a call below to learn more about what strategy is right for you, and to get into a position to take action!