It is a common question and one that the buyer’s agents at Property Pursuit answer quite a lot; how do I make sure I don’t buy the wrong property? Here are some tips on avoiding the bad apple in the real estate investing market.
Firstly, it is important to consider your financial situation. Start by getting your finance pre-approved and then make sure you are aware of all of the costs that are involved in buying and holding the property and that you are comfortable with all of the costs involved. It is important to be realistic about how long you are planning on holding the property.
When you have found the idea property for you and have completed a building and pest inspection, the next step is to assess recent comparable properties that have sold to arrive at a fair market price. This is a really important part of the process and not easily done, unless you have inspected a large number of properties in the immediate area and are familiar with the superior and inferior aspects of each one in relation to the property you are interested in purchasing. Getting even a small detail wrong or not understanding subtle differences could lead to paying too much.
Your buyer’s agent will be integral in giving you the best advice to guide through the decision and purchase process. A great buyer’s agent will look at all aspects of the property and tell you about them – both positive and negative aspects including location, aspect, flooding, age, improvements, layout, potential, transport, neighbourhood and nearby facilities. Independently verified information can save you making significant mistakes.
Overall the best way to manage risk is knowing the right questions to ask and having the right information from an independent source (buyer’s agent). For more information please contact Property Pursuit on (07) 3177 3399 or drop us a line.