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Tips for Buying Property

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| 07 Jan 2012, 12:58 PM Agree 0
1. Research is the key
Always do research. You can never do enough research. A lot of people dive into the property market head first and

blind folded, and that’s when people make bad purchases.

2. Prepare yourself financially
Make sure you can afford the property. Make sure you have taken every cost into consideration, like conveyancing

solicitors, stamp duty, survery fees, Estate Agent (if they apply)� fees etc. Most importantly, make sure you can

get the financial backing you need.

3. Structural Survey
Always get a structural survey done. With the newer homes, the basic or mid-ranged survey is fine. But with older

properties, definitely get the higher-level inspection.

4. Property fittings
Make sure you ask what comes with the property before you make an offer. A lot of houses are presented beautifully,

especially with fitted bathrooms and kitchens.

5. Stay away from the asking price
Never offer the asking price, even if you’re in love with a particular property.

6. The Property Market
Find out how long a property has been on the market for from your Estate Agent. If a property you’re in love with

has been on the market for a long period of time, ask yourself why; be suspicious.

7. Control your emotions
Never act overly keen to either the seller or your Estate Agent. The Estate Agent and seller both have one thing in

common- they want the buyer to spend as much as possible.

8. Be patient
Don’t let your patience get the better of you. Never rush into buying a property; buying a house is a big deal and

will effect your life.

9. The future is important
Think about the unforeseeable future. The property market is a very uncertain area. Interest rates can increase at

any time, and that will have direct impact on your monthly mortgage repayments.

10. An empty property looks so much different
Imagine the property is empty- do not be fooled by props a seller has strategically planned.

11. Don’t forget your neigbourhood
Are you looking for a peaceful area? Remember, an Estate Agent is working with the seller to get a maximum sale

value- they will arrange viewings at optimum times.

12. Damp properties
Smell for dampness. Touch the walls; feel if they’re damp. Always be suspicious if a home is overly heated and

sprayed with overpowering fragrances.

13. The roof can be costly to fix
Check the tiles on the roof. A lot of people neglect the roof when inspecting a house, and that’s exactly where a

lot of people have to shell out a lot of expenses. This especially applies to older properties.

14. Location is just as important as the property
Finding the dream house is always great. But what about your dream location? Does it contain all your essentials,

like a local groceries, schools etc.

15. Shop around for property
You can never find the right property after one viewing; even if you think otherwise. Make sure you take your time

looking at several difference properties.
  • MyPropAU | 20 Jan 2012, 06:17 AM Agree 0
    Challenges for rental property investors are numerous. For the rental property investor seeking to actively grow property wealth to establish a passive income the more carefully they choose and manage their property, the quicker this will be achieved. I’ve listed some of the issues for success, but there are many more. http://shrvl.com/OA3ok



    Where?

    So many investors buy a property close to where they live. Why? There could be a reason for example, if they want to self-manage the investment property or self improve by a reno, or more sensibly perhaps the property is in an area with strong growth drivers with expected high capital and rental growth.



    Growth Drivers

    Simply, there a number of Growth Drivers which can affect a rental property growth performance. Research will uncover them all, but they would include an area where there is high investment in industry and infrastructure. Low unemployment, new freeway, hospital, school, shopping centre, rail connection are all growth drivers. The more the better, as generally one is not enough.



    Location

    The old saying there are three points to consider when buying an investment property are still just as good today as when they were when shouted at me some 30 years ago and that is location, location, location.



    Self-Manage or Property Manager

    I often hear stories of property managers not adequately looking after their clients best interests. In my view the investor owner should be the person that knows what’s going on. Generally, trying to keep up to date with rental and capital growth around your property will greatly assist in your property wealth creation and knowing what your PM should be doing. I have to say, in all the time of owning investment property, only once has a managing agent suggested a rental increase! I will always request a rental increase with each opportunity even if its $5 a week. I have one apartment property I self manage in Sydney. I don’t self manage to save a PM’s management fee. I do it as it fairly easy and to keep in touch and I don’t live too far away. I have however, had calls after 10.00pm advising the power had gone off and another one about 2.00am (went to voice mail!) advising that they, the tenant, had lost their door key…



    Advisors

    My advisors (now mates) have been instrumental in growing my property wealth. My accountant is now pleased I use our property manager and advisor system, as its tax reporting function is emailed to him, saving him time and me money! I’ve also invited him in to my account and he can see and comment on what I’m up to. As our system also allows users to update their loans, property values and current rental, my mortgage broker can look online to see when there is enough equity available to enable a further investment purchase.



    These are a few of the challenges for all investors. However, once the property is organised its very rewarding to manage it well and be excited regarding the property wealth you have personally created by being a proactive property investor.



    What will you be doing?



    Cheers



    Antony
    www.MyProp.com.au
  • dylannme | 31 Jan 2012, 12:10 PM Agree 0
    Thank you for the follow up answer MyPropAU
  • william levi | 01 Feb 2012, 12:58 PM Agree 0
    You are first time property buyer or you get property for reasonable price then you should get advice from professionals.



  • dylannme | 07 Feb 2012, 01:21 PM Agree 0
    I agree with you william. It will be better if there is a lawyer if one of us is planning to buy a property.
  • jhonkevin | 22 May 2012, 12:20 PM Agree 0
    Legal precautions before investing the money is also an important factor; understand all the legal implication of your purchase.
    _________
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  • digital1234 | 09 Jun 2012, 12:21 PM Agree 0
    Property management is the Term of the Business Here is some Tips for the business and Investing in the property is more possibiblity of profit, It is a long term business but some times it take very short time for progess in the business . if you want to know more information make link here .
  • JohnBroderick | 14 Jun 2012, 02:08 PM Agree 0
    Buying real estate property is one of the biggest decisions in anyone's life. If you're planning to buy a house today, you need to consider some information and strategies before scanning those classified ads or contacting a broker's office.

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  • jazz albart | 27 Jun 2012, 10:29 AM Agree 0
    Buying an investment property is a serious financial decision. You should keep some facts in your mind before buying a home like:
    Is it the kind of property I feel comfortable with?
    Is the location good?
    Is it close to services like transport, shops, schools?
    Is there a high level of traffic ?
    How is the parking?

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  • annamarie | 04 Jul 2012, 12:58 PM Agree 0
    I was in search of these tips because i want to buy a home and many questions are there in my mind like location, nearby market, prices and mortgage rates etc. By reading this stuff i am feeling like i find my required info.
  • kelvinjay | 09 Aug 2012, 12:48 PM Agree 0
    hi
    There is only one thing to consider when buying property - location. Property should be an investment that will continue to grow in value in the years to come. Always research an area carefully when purchasing property.
  • pettermill | 14 Aug 2012, 01:51 PM Agree 0
    Finding the dream house is good but what about the location ??? does it contain all your essentials, like a local groceries, schools etc. So make sure your location first!



    Property In Jaipur
  • Brock Chewings | 17 Aug 2012, 06:48 AM Agree 0
    Thanks for your tips in Buying Property. I want to buy a house but I want to purchase it in a good cost.Your tips help me a lot. It seems that you answer my query.
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