Looking for the right investment
Looking for an investment property is a major decision. You don’t want to make a mistake, after all you have made a huge financial commitment.
You want to be sure you purchase a property that will attract the right tenant.
How you do you know where to buy? Do some research.
When we make decisions, we will generally conduct some kind of research ranging from a brand of kitchen kettle to a car that suits our needs, to the family home.
Why should purchasing an investment property be any different. You will need to make a decision on the property type, house or unit, number of bedrooms, garage/carport, etc.
When you start your research, read the real estate section in the local newspapers and websites, read the suburb profiles. Have a look at the properties for sale. Keep some statistics on how long properties are staying on the market.
Conduct physical research into the area. Drive around the area, seeing is believing. Have a look at the condition of surrounding properties. Are the gardens neat, does it look kid friendly, what facilities are in the area – schools, shops, Churches, public transport?
Talk to the local real estate agents, ask their opinion, after all housing is what they know. Feel comfortable asking what potential tenants are looking for, which suburbs are popular and why? Ask about rent return so you can make an informed decision on your purchase.
Or finally, ask yourself this question…Would I live in this property?
Then you are on the journey to becoming an investor.
If you have questions about becoming an investor, we are happy to help. Please contact us for property advice in Geelong.