When you’re looking for investment property – including off the plan developments – you want to be sure that you’re well prepared and have as many advantages as possible. This is because you are not only looking for a property that ticks all the boxes for your long term investment strategy, but also you will be searching in a highly competitive market. Getting a head start can be as simple as being clear about your requirements, looking in the right areas and getting expert advice when you need it. Let’s look at 5 of the top tips from property investment experts on making your search for property successful.
1. Understand Your Requirements
Property experts are sometimes amazed by the way some people go about buying property – that is to say, without a lot of forethought or planning, or even a good investment strategy to work from. They may have thought about the type of property they could afford, but given little thought to other important factors such as whether it would be better to purchase a brand new or off the plan apartment, where it should be located and the type of tenant they are hoping to attract.
Write down a list of your priorities for an investment property, and use it when you’re looking through new developments or considering placing a deposit down for an off the plan apartment.
2. Do Your Homework
In today’s market it’s not uncommon to hear the phrase “they bought it sight unseen”, referring to a buyer who purchased an existing property without seeing it first. Especially with older houses and apartments, this scenario can often end in disaster as the property’s many costly problems are discovered after the deal is settled.
The same applies to off the plan properties where buyers do little research about the developer, the proposed development or even the apartment they intend to hold with a deposit. Don’t expect to always pick a winner if your choice of property is a relatively random one. Do some research, go and see the display apartment if it is available, and talk to a property investment expert such as Ironfish to get the lowdown on the developer and their previous properties.
3. Consider A Range of Properties
When you’ve been looking for a while or are new to property investment, it’s sometimes easy to settle for the first off the plan property you might be offered or the first brand new apartment you see. Obviously this will limit your options and you may end up making a decision you regret later on. Considering different properties in different locations (and even different property types) is a better way to approach buying an investment property, as you get to weigh up different advantages and benefits of each.
4. Ensure You Are Prepared
There’s nothing worse than feeling like you missed out on a great opportunity because you didn’t have all your finances in order or you were waiting for certain documentation to come through. It’s ok to start looking tentatively for investment property if you are still getting yourself organised financially, however the sooner you can have everything prepared, the sooner you’ll be able to put down a holding deposit.
5. Get Expert Assistance
When it comes to investing in property, there is no substitute for expert assistance. A company such as Ironfish have years of experience in helping people get onto the investment ladder as well as build successful property portfolios. They offer second to none research and on the ground knowledge about up and coming developments, and they offer their clients pre-public and pre-negotiated deals for properties in Sydney, Melbourne, Brisbane, Adelaide and Perth.