You’re at an open home on a Saturday afternoon. You’ve just seen the house of your dreams, but you’re not the only one who likes it and you don’t want to miss out, so you decide to make an offer.
You’re buying your first investment property, and this one looks good. It’s a nice neighbourhood and the garden is quite big – that might appeal to tenants, right?
It’s one of the biggest purchases you’ll ever make, and yet the decision to buy a property is often made without the full facts.
Sure, you can make your offer subject to finance and talk to your mortgage adviser before you confirm. That’s smart. But, in the meantime, your sale and purchase agreement has already gone to your solicitor and the fees have started to rack up. When the numbers are crunched and it turns out your new home is going to put the squeeze on you financially, it’s all too easy to think, I’ll just pick up a few more hours at work. After all, you’re in this now – and you’ve already got a solicitor’s bill to pay. It’s called the sunk cost fallacy, and it’s real. Money and time we’ve already spent tempts us to ‘throw good money after bad’ and pursue a course of action that we should probably rethink.
Rewind to that Saturday afternoon open home or your first viewing of that investment property. Imagine you had a tool in your pocket which could tell you within moments what your repayments would be and whether they would fit your budget. You could make an offer there and then knowing that you could comfortably afford the repayments. Or not.
Either way, Viho helps you make informed decisions from the very first step of the home-buying process. Just like a mortgage adviser in your pocket.
And, for investors, Viho can quickly and accurately calculate whether a property is likely to deliver a return on your hard-earned dollars. Choose whether your preference is rental yield or capital gain and see how the numbers stack up.
First-home, next home, investment – or refinancing your existing home to find savings you didn’t know existed – Viho is your one-stop-shop for mortgage solutions.