If you are looking to invest in property, don’t be put off by all the chatter about overheated markets, property booms and bubbles.
Instead, try some of these helpful tips to zero in on a bargain.
Make a plan
Preparation is key, because there is no use searching around and getting all excited about different properties if you haven’t arranged the finance.
You need to know what you can afford to borrow and who from. So do some research into your best options for lenders and loan terms.
Investigate the local rental income opportunities and the amount you need to make to repay the loan. This will inform you about the kind of properties you should explore.
Consider building and pest control inspection as part of you plan and budget in preparation for when you close in on a property that suits your needs.
Be ready to act
Know the market and spend a good amount of time doing your research.
Be prepared to make a move when something comes through in the market, so that you can make the most opportunity when one arrives.
Develop a list of your wants and needs that will make the property and good purchase and effective investment.
Research the area until you know everything about it and can recognise a bargain when one raises its head.
Identify the motivated seller
One method of zeroing in on a possible bargain is identifying a seller who needs to quickly dispose of their property and may be willing to cut back or negotiate more on the price.
There are a many reasons that motivate people to sell from divorce to deceased estates or an overseas employment opportunity and other in between.
Though not always the most pleasant of situations you are assisting the seller by purchasing the property and alleviating their mortgage stress.
In the end it is a matter of finance, a business transaction and a negotiation between you and the seller and your competition.
Where, why and what to look for…
Start by looking for places that you can quickly fix, extend or buy properties on large blocks of land where the zoning supports you sub-diving into smaller blocks.
Identify areas of growth that may be set to boom.
Check for transport routes, plus new developments and infrastructure, such university campuses or schools. These are allgood signs that an area is set to grow.
The key to zeroing in on your next investment property bargainis knowing the market, being prepared and being savvy when it comes to the opportunities available.
Thanks for reading and if you want to learn more about the Darwin real estate and property market, contact us at Call2View, we’re open and ready to chat.
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