When you have decided to make property investments in Cairns for either short-term rentals or long-term rentals, make sure you’re ready to fully invest in buying income property by taking note of the following:
Once you own the property, you become the landlord
You own your property, so you’re in charge, and in this case, you’re in charge because you become the landlord. Once you’ve invested in real estate properties in Cairns, you decide which tenant to rent to, how much rent you’ll charge, and how to maintain and manage the property. If you choose to go into short-term rentals or vacation stays, then you’ll need to have your property listed with the likes of VRBO and Airbnb.
Helps with your mortgage
The typical loan mortgage for properties is the 30-year fixed-rate mortgage. This means that the interest rate stays fixed for the entire 30-year term. So, every year you own the property, all the tenant’s rental money is being used to pay off the debt. It doesn’t come out of your pocket.
You get income as well
Whether you have long-term or short-term tenants in your property, you get to receive some rental income. This money left after paying off mortgage and expenses is money in your pocket. For instance, if the monthly rent is Au$1,000, and the monthly mortgage payment is $600, you’re left with $400. Put away $200 for cleaning and maintenance issues, and so you’re left with $200 monthly passive income that you can put in the back for yourself.
Invest in Cairns real estate properties only from Steve Cordenos
If you want to get the best out of your investment, find real estate Cairns properties only from Steve Cordenos. With 750 million in sales over the past 30 years, Steve Cordenos Real Estate has the experience and expertise to find the best properties and locations for your investment. For all enquiries, visit the Steve Cordenos website at https://cordenosrealestate.com/.