Before investing in property in Geelong talk to a property managerSeptember 1, 2016
With the oversupply of investment property available in the current Geelong market, it is important to make an informed business decision about your purchase.
Research and preparation are key elements in assisting with the process and an investor should consider some of the following points:
It is rare these days for an investor to make a snap decision to purchase, and location may be desirable depending on the use for the property.
If the property is residential and is to be owner occupied or rented, the purchaser should consider who may be living at the property and what suitable amenities are available,
eg: schools, public transport, shopping and medical facilities.
If you are purchasing for investment purposes, here is my question to you. Would or could you live in this property?
Before you purchase a property, it may be wise to ensure that you can actually afford to purchase by having your finance in order.
It can be emotionally draining to find that dream property and have your heart set on buying it but finding out that you cannot finance it.
Take care of your emotions.
Have a plan of attack to purchase a property.
Talk to your bank manager or finance broker to arrange pre approval, you will then know your limit and will be able to purchase a property when you see it.
Consideration may also be given to investing time in getting advice from a reputable financial advisor.
Investing time in the above may give you a clear timeline to work towards the end goal.
What are your plans for future use of the property? Do you intend to retain the property as an investment only, future development for a rebuild or are you planning to demolish the existing property for a unit development?
Whatever the use, check with your relevant authorities for planning and building permits, zoning, heritage overlays and other guidelines that may affect your purchase.
Management of your property
If you have purchased an investment property, consider who will manage it. Weigh up the pros and cons of self-management or management by a real estate agency. If you choose the latter, interview the agency. You are permitted to ask as many questions as you feel necessary to employ their services. There is no set time frame to conduct an interview of an agency.
Importantly, it’s your property and you need to feel comfortable with the agency or property manager who will be caring for your asset.
In conclusion, do your homework. You may not get the first property you have your heart set on. Try not to become emotionally attached and remember purchasing a property is business transaction.