What are you looking for in a Property?
Let’s talk about things to look for in a property and I think the sales price is one factor that you need to know before you walk in the door as well as other things, obviously, the number of bedrooms whether or not you may need a garage or balcony if that is something that is on your list and if that you like to entertain people to have BBQs. Queanbeyan is a great example for Homebuyers to consider.
Think about the space?
What a lot of people don’t factor in is the internal square meters and the external square meters and you know if you’re dealing with strata or buying a house there will be some difference there and the capacity of living and how much external space you have, again if that’s also somewhat important for you.
One of the best ways for you to find a property is to look at what is offered, a property that you’re looking for MUST haves, a scoring card is an excellent idea and on each property make a list of maybe 5 things or 10 things and add what is important to you. I would score each item as 1 and then have a look at properties within your price range and see how many of those properties articulate your scorecard and obviously, the properties with the highest scorecard will be more closer to what you were actually looking for, this will filter out properties that don’t fit what you’re looking for, instead of spending your weekend’s or weekdays searching properties, then you’ve only of a select few which you know already have the items that you prefer.
Less is more!
One of the things that you really need to consider is that the more properties you see, the less time you have to spend at each one, so many properties that you look at you, you will have a quick look around and in 5/10 minutes you have a good indication if this is something that you’re looking for. I’m a real estate agent so we have people that come in our properties and spend 30 minutes and we have other people that walk in the front door and walk out the back door, so depends on what you looking for and obviously how much time you have and what your budget is… though I was just using the scorecard system above, so it’s actually worth looking at and spending the time at your next Open inspection visit.
Depending on where you want to buy, one thing that’s really important is the location and obviously been a nice area would be good therefore ask yourself questions such as would I be happy living here? maybe that could be the first question that you might want to start with or it might even be the street of the property do you enjoy these Streets.
Preferences may vary, but what do you seek most?
Something that a lot of people look at is the aspect so they’re generally looking for something that has light and heat so no matter how many other boxes are ticked or how good your score is some people just want the living areas to be facing into the sun and other people might be facing the north of the East aspects because the properties are facing Northeast could be warmer or lighter with the properties face into may not have that advantage so at the moment and depending on if you’re in the market or not and whereabouts you might be buying. Yes Property Agents is located in Queanbeyan so it’s a little bit different to other areas around Australia.
Consider renting doesn’t t mean you will.
You must consider rent and will this property be reasonable to rent and what ways to rent out a property and if you’re buying from a property investor point of view it pays to positively gear the mortgage and the rent return to be above what you’re paying. One rule of thumb some investors use is to buy around the medium-priced, because if 70% of the population can afford to live in it then you ll more often than not have a tenant, other comparisons if you want to get the bank to refinance, so buying at the medium price is always a strong consideration however in contrast if only 5% of the population can afford to rent something that is in the top end of the market there’s a greater chance of not being available or an agent or yourself to find the tenant which might even become harder when it comes time to sell so no tenant obviously means no rent and no rent means unhappy bank manager.
Ready or not?
Some people factory in the pristine of a property so they may not want everything perfect however will pay a premium if everything’s already done so if there’s nothing to fix and they can move in immediately because it’s absolutely pristine then it may command top prices that others do not want to pay! Viewing a place that is liveable enough to rent out straight away but needs new carpets or maybe paints or parts of the kitchen or bathroom redone does present an opportunity so there will be a lot of people who don’t want to do renovations themselves so they may not see the full potential of anyone with an eye for improvements, however, can create additional equity which is a difference between his actual work and what it may be worth so if we need to do some of the hard work you could be categorized in a bit of a different league from the other people if you manage to rent it out after.
You can review our Buyers FAQ to learn more.