This may seem odd in today’s market, but there are bargains out there to be had, you just need to know where to look.
But beware there’s a difference between a property bargain, and an absolute lemon.
Today, any property you can purchase in or around the asking price is a bargain, but a lot of buyers are desperate to get their feet into the property door, and desperate people can do desperate things.
So where are these bargains? Well, it’s no surprise that a lot of people are leaving the metro areas and moving further and further into the suburbs. This is an excellent indicator to where you should be looking to buy unless you have at least $2million in the bank to splash on a modest home in and around the metro areas. Nail down which areas you are interested in. If your search is broad, you’re thinking process will be broad so get specific.
A crucial key to finding a real bargain, is to do your own due diligence. Research and take your time, I know there’s a sense of urgency to get in before it’s too late, but you need to do your research because this will be one of, if not, the biggest financial investment you’ll ever make.
You also do not want to cut corners when it comes to inspections, whether old or brand new, spend the money now so you won’t have to spend it later. I had a friend who wanted to buy an existing home and there was some obvious water damage in the home from the bathroom. When she asked the agent, she was assured that Strata was taking care of the repairs, but she still paid the money for an inspection which showed that she was liable for the cost of replacing the entire bathroom and neighboring walls within the home.
This is an enormous cost and if she had not spent the $800 on that inspection, she would be stuck with a home and unusable bathroom, which the repair costs were outside of her budget.
And finally, find yourself an agent who can help you. Find someone who understands what you want, need, and can afford within your means because the right agent will give you the right advice, and when you’re getting a loan for at least $450,000 you need the right team behind you.
If you’re stuck and need advice, please get in touch. Our Agents are driven to helping everyday Australians just like, get into their first home or next investment.
Our goal is to help as many people as possible, create a future of financial freedom for themselves and their loved ones so get in contact on 1300 522 562 or email firstname.lastname@example.org
When considering an investment property with positive cashflow, it is important to make sure it is suitable to your specific financial goals and objectives. Remember to do you due diligence and is you need advice, JR Prosperity Partners can help you decide if this is the best strategy for you.