Things You Should Know Before Buying an Investment Property

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Things You Should Know Before Buying an
Investment Property
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Are you looking to buy a house in Perth? Buying a
property is a costly investment and needs to be
done with care. You could hire a real estate
buyers agent for professional assistance on
finding properties. But what is the most
important thing to make your property investment
successful?
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1. Your investment purpose
Your very first task is to decide on your goal
for the property purchase. A lack of clarity may
mean a negative result. Which is your property
investment purpose.

• Family home to live in this can also be treated
  as an investment
• Investment property for yield or rental return
• Investment property for capital growth
• Add-value property for subdivision or development

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2. Pre-Approval
You may need to apply for a mortgage to buy a
property. A mortgage broker such as Property
Wizards can help you gain pre-approval for your
loan, which can put you ahead of other buyers
when competing for a property.
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3. PROPERTY LOCATION
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The most significant factor for every buyer is
the location of the property. Your focus should
be on the growth drivers, transport and
amenities, such as the beach or river, shops,
schools, lifestyle and the surrounding streets
and homes.
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4. PROPERTY PRICE
Check that the price you pay is not greater than
prices moist recently paid for similar
properties. This may require you to track the
market for a while, visit home opens and later
record the prices at which the properties
sold. It is only by this comparison that you can
truly know the right prices. Otherwise, you may
pay to much. Or miss out good properties because
you are offering too low.
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ENSURE THE PROPERTY IS ATTRACTIVE TO TENANTS
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When there is a shortage of rental properties it
is easy to rent out most homes. But when the
cycle is in the renters favour, they have a
choice. So, try to make yours an attractive
choice.This means being close to the amenities
mentioned above. It also means keeping everything
in good working order for the benefit of your
tenants.
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6. Buying an old house versus new construction
New construction helps keeps your maintenance
costs low, can provide tax depreciation benefits
and provides a higher rent. But for the same
price you can usually buy and older house in a
better location, often with stronger growth
potential.
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It is a personal choice and there is no right or
wrong. It juts depends on your goals and strategy
and this is something a buyers agent can help
you decide on.
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7. Inspecting the property
When viewing properties, it is important to do a
thorough inspection, considering each room as
well as the outdoors and the surrounding area.
You may not have a chance to go back before you
commit to buy.
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BOOK A CALL Tel [phone]
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OUR LOCATION
121 Churchill AvenueSubiaco, PerthWA 6008
Australia
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THANK YOU
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