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Buying Tips
 

 




It does not matter whether this is your first property investment or your 50th, the tips below apply equally as well.
  1. Set a budget. As well as the purchase price remember to make an allowance for legal costs, stamp duty and incidentals such as the costs associated with any professional advice.
  2. Confirm your borrowing limit with your loan consultant or bank before you start looking at properties.
  3. Don't borrow to your maximum. Allow for the prospect of interest rate rises. If the property is for investment, do the sums based on the prospect of a slightly reduced occupancy rate. 
  4. Draw up a list of what you need your property to have and what you would like it to have. Put the needs (must have) in one column and the wants (like to have) in the other. Using this list you will be better able to make a choice between the various options on offer.
  5. Gather as much information about the complex as possible including past sales in the complex or adjacent complex. Your RAAS member will be happy to assist.
  6. Ask your RAAS member to give you a breakdown of the income and outgoings for the unit for sale. This should include rates, body corporate fes and the agents management and rent collection fees.
  7. If the unit you are interested in is in a holiday complex, endeavour to book a short stay either in the unit for sale, or a similar unit in the complex. What other type of property can you effectively "test drive".
  8. If you are buying an investment property remember that its being bought as an investment, not to live in. Too many buyers decide against a property because they couldn't live there, when it may well be the ideal investment.
  9. After all your investigations and checks come back to your satisfaction and you believe you have found the right property, don't delay, arrange to have the agent submit your offer straight away.
  10. We all want a bargain, but don't be too cheeky with your opening offer as it may well just make further negotiation more difficult.
  11. Allow the RAAS agent to draw up an offer in writing, as this ensures there is no confusion about the various elements and conditions of the offer.
 


 





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