There are extra things to consider, when buying an investment property. Investments are all about strategy. Would you prefer a low buying price, capital growth or strong rental yields? Do your research and figure out your what you are looking to get out of an investment property. That way, when you are ready to buy – you're not making any mistakes.

If your offer has been accepted. The contract of sale will need to be overlooked by your conveyancer and solicitor. Once both the buyer and vendor have signed the contracts and your deposit has been paid, your contract comes legally binding.

Don’t forget to organise insurance. There is special landlord insurance available for investors, that will cover you for the building and some contents – your properties fixtures, not the tenants’ belongings. 

It’s time to make the first big decision with your investment property. Do you self-manage or hire a property manager to oversee everything? It depends how involved and how much time you want to spend managing the property.

Hiring a property manager can make an investment property a truly passive form of income. But you will need to pay them a fee – either fixed or a % of the rental income. You may also lose some control in how the property maintenance is managed. Choose what is best for you in terms of time, money and costs.