1. Review the numbers to ascertain if it is better to rent or own the property you wish to live in.
2. Decide whether you are looking for flexibility or stability.
3. Understand that even a home purchase might not provide stability if you can’t pay the mortgage.
4. Consider the extra costs of owning versus renting - e.g. in strata building, levies need to be paid.
5. Understand that the interest repayments on your own home is also dead money, as it is not tax deductible.
6. If it is cheaper to rent than own, and you may look at saving a deposit for an investment property.
7. Start the Property Investing process - Team, Action, Patience