Top 5 Tips for Buying your First Investment Property.

If you are looking at investing in Real Estate, it is important to be prepared. Here are our top 5 tips to remember when you are looking at property investment for the first time:

Best Tips for Property Buyers

1. Make sure you do your homework on the area, and ascertain the history of capital growth of the property. Also spend time researching the area and looking at market trends, rental price directions, and how long properties are vacant between tenants.

2. Before you begin attending open inspections, it’s a good idea to make a list of what you would like in an investment. What’s most important to you? Size, location, views etc. Try to have a clear guide of what you would like to find, and trust your instincts. If it doesn’t cover your brief, it’s not the one for you.

3. Make sure you set yourself a budget, and more importantly, stick to it. Speak to your bank or mortgage broker, and pick the right type of mortgage to suit you and your situation. Don’t forget to factor in stamp duty, building inspection reports, rates, insurance and any repairs you may have to make on the property.

4. Try to buy just below the median price of other similar properties in the area. And don’t be afraid to put offers in that are substantially lower than the asking price.

5. Be careful not to let your emotions get in the way of your purchasing decision. Think about what will suit the demographics of potential renters in the area, and how much they would be willing to pay. Buying with your head, not your heart is key when investing in real estate.

If you are interested in finding out more information about investing in real estate or investing in an Oaks building, please contact our Sales Team.