- Buying interstate is becoming more popular, but it has its own risks
- One way to solve this is to use a 'Property Profiler', a bit like a buyers agent
- They do some of the research with the investor, to help de-risk the investment
It is becoming more common these past 12 months for savvy investors to look outside their backyard when it comes to investing in property, with Perth and Adelaide being popular choices.
However, buying in Perth can be totally different compared to other states, so how can an investor buy confidently?
Property Profiling
‘Property Profiling’ has been around for a while, but not perhaps as a formal engagement.
I have now launched this in Perth due to the demand from eastern state investors needing that extra assistance but not requiring the extra services of a buyers agent.
My colleague Jason Wright from Essential Property Management in Adelaide is also offering this service to ensure that his investors are also buying good properties.
Step One:
Research the suburbs you are interested in first and make a list of your requirements.
For example, your requirement may be: 600 sqm minimum block; freestanding home; aircon or ceiling fans; happy to do new paint and flooring but no major renovations to kitchen and bathroom.
Step Two:
Appoint a Property Profiler.
They will do a physical inspection for your and report on neighbourhood concerns, obvious maintenance risks to determine if this meets your criteria and a rental appraisal to assist you to negotiate when putting in an offer to purchase the property.
Your profiler will also help co-ordinate the building inspection, pest inspection, pre-settlement inspection and key collection.
Step Three:
When your finance has been approved, do your research for a property management team that you can build a relationship with and manage your property.
Good questions you might like to ask to ensure they are the right fit for you are: Do they manage each property end to end or do they have outsourced help? How many home opens do they do per week for your property?
Check their Google reviews.
Other people that should be on your team when buying in Perth are a settlement agent, building inspector and pest inspector.
If you thought that buying interstate was too hard, it isn’t. Just align yourself with the right people you can trust and have the right connections to set up your team.
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