If you’re thinking about buying an investment property in the next 12 months, there are 4 things you’ll want to check before making a purchase.
Number 1 – Property Type
If you’re happy to be responsible for all aspects of maintenance at your investment property, you’ll probably love buying a free-standing house (or torrens title duplex).
But if you prefer to contribute in smaller amounts to wider, shared maintenance, you might love owning a unit or townhouse.
Number 2 – Location
Become familiar with the area you’re looking to purchase in. If you’re not local, you can work with a buyer’s agent or your local property management team (like us!) to help you select an ideal location for your next investment property.
Number 3 – Vacancy Rates
Get to know the average vacancy rates in the area you’re looking to buy. Speak with an expert property manager to get exact data on how long properties are sitting empty for, so you know what to expect before you make a purchase. We can help you with this data, once you know the location you’re looking in.
Number 4 – Rental Yield
Knowing exactly what return on your investment is going to be is key to making a good investment decision. Before you even make an offer, speak with an independent property manager (like us!) to get a second opinion on rental returns so that you can confidently calculate your rental yield.
It’s exciting to prepare to buy an investment property. So be sure to reach out to our property management team if you need help along the way!