Hey everyone
I'm planning to buy my first investment property with a 15% deposit, as a 20% deposit wasn't going to leave me with enough cash for a renovation.
Now I'm thinking maybe I should go for a 10% deposit to allow me to afford a more expensive property.
Apart from the extra cost of the insurance itself, what are the drawbacks of doing this? I gather it can limit me when trying to borrow more for additional properties down the line, but I don't really understand how this works.
Would appreciate some advice.
Thanks all,
Neil
I'm planning to buy my first investment property with a 15% deposit, as a 20% deposit wasn't going to leave me with enough cash for a renovation.
Now I'm thinking maybe I should go for a 10% deposit to allow me to afford a more expensive property.
Apart from the extra cost of the insurance itself, what are the drawbacks of doing this? I gather it can limit me when trying to borrow more for additional properties down the line, but I don't really understand how this works.
Would appreciate some advice.
Thanks all,
Neil