I believe you must engage a Buyers Agent with every property purchase, Using a Buyers Agents/Buyers Advocate and Property Advisor is key to more property investment success. These are extracts from my latest book “The Australia Property Investment Handbook 2018-2019″. In all good book stores now. Also Read Property Finance Made Simple and Property Investing Made Simple. Property investment, using buyers agents/ buyers advocates, is so important, and if looking in Melbourne for example, you should look for Melbourne Buyers Agents or Melbourne Property Advisors.
Investment strategists, property investment, buyers agents, Melbourne buyers advocates, Melbourne Buyers Agents, Melbourne Property Advisors,
First let’s consider the basics.
You have a plan, with the required number of properties in it and what each one looks like. You have a strategy; it could be buy and hold or renovate/developer and flip. It could be capital growth or cash flow or a balance of both from the same property.
Properties may include a house, townhouse, unit, apartment, villa, terrace, dual occupancy, land, and multiples of these depending on the strategy.
The strategies are broken down into two key aims or needs, growth and cash flow. These are needs that you have to meet between now and your ultimate goal of a comfortable retirement. As discussed, budget, affordability and your tailored plan will influence the following choices.
- The State within Australia that you purchase each property in;
- Metro or regional
- Metro 1: within 10km of the CBD
- Metro 2: within 20km of the CBD
- Metro 3: within 30km of the CBD
- Fringe: 30km–40km of the CBD
- Metro: satellite cities/growing hubs
- Regional hubs
Rule: Avoid what many investors do. Many investors are drawn towards innuendo, media hype, and listening to friends, family, and backyard self-acclaimed experts, and worse, property marketing companies and real estate agents.
The real issue, which inadvertently leads to failure, lies in not undertaking proper research.
There is no real rulebook out there, until now…
Here are some respectable and risk-reducing considerations that should make your job easier in finding an outperforming location. This also reinforces why it is important to seek objective advice.
Research must be based on facts and figures, and reliable information – unbiased information. This goes for information provided to the investor, and the information the investor is basing their own decision on, as well. Often property investors can fall into the trap of using their own emotion, beliefs, attitude, and experiences to base decisions on, such as where to buy and what to buy, and the inclusions in the property itself. What you or I personally prefer has no relevance when compared to what the area suggests is needed, in reference to the type of dwelling more suitable to the demographic.