Why getting independent advice on buying an investment property counts
Welcome to our new-look website!
As part of our new website, we’ll be sharing more blog content, designed to offer real estate advice, as well as the latest news.
We receive many enquiries from people wanting advice before purchasing an investment property. As Mudgee’s only agency devoted solely to property management, we’re in a prime position to offer independent, no-obligation advice on all the important aspects to consider when buying an investment property. Buyers know we will give them honest feedback on everything from location to potential rental income – without expecting anything in return!
There a few critical issues to consider when buying an investment property:
- Location, location, location
We’ve all heard the saying: “it’s the best house on the worst street” – and it’s a situation you want to avoid. Do your homework and find out about the suburb you’re considering investing in. Drive down the streets (if you can!) and get a feel for the neighbourhood. Talk to agents and find out where people are wanting to buy. How far is the suburb from the CBD? Where is the nearest school or public transport? These are all important factors to consider when you’re looking at buying an investment.
2. Be prepared to do some renovations
An investment property is different to owning your own home. You might be happy to live in a half-finished kitchen or a run-down bathroom while you wait to renovate – your tenant will not. If you find the perfect investment, be prepared to grab your hammer (or find a reliable handyman!) to get it up to scratch before it goes on the market. Investing in an area with inclement weather? Consider installing reverse-cycle air conditioning or a fire place. The more liveable the house, the higher the potential rental return.
3. Invest with your head, not your heart
You might find the perfect house – for you – but you have to think about what a potential tenant would want. Look at the appropriateness of the property for the average age in your area. If you’ve got an ageing population, you don’t want to invest in something with steep stairs or a huge backyard. If your suburb is family-friendly, look for something with multiple bedrooms, BIWs, two bathrooms, open-plan living spaces and easy-to-clean floors and surfaces. Think like a tenant, not an investor, and you’re likely to purchase a profitable property.
4. Be realistic about the rent
Like anything, the rental market is subject to ebbs and flows. That’s why getting independent advice on potential rental returns for any property is critical. Talk to an independent property manager, look at real estate websites and get a realistic sense of possible rental income.
At Signature Properties Mudgee, we pride ourselves on giving honest, professional advice to potential buyers on everything from location, to house presentation and maintenance. We want our investors to have a happy, stress-free property journey – that’s why getting it right from the very beginning is so important!
Contact Edwina Smith on 0429 328 086 for your honest, no-obligation appraisal today – and start your property management journey on the right foot.
