Making an offer on a property can be daunting if you’re not prepared with the know how. Relocation Relocation Australia hosts, Veronica and Bryce, have these tips.
As Goo found, it can be tricky and stressful.
Tip 1 - Give deadlines when communicating offers to encourage the vendor to seriously consider it
Tip 2 - Go in strong when making an offer prior to Auction to tempt the vendor
Tip 3 - Justify your offer with comparable sales and properties in the area
Tip 4 - Renegotiate the price if the building & pest inspections come back with unexpected issues but don’t expect a long list of faults on the property to necessarily reduce the price
Tip 5 - Know your financial limits and be prepared to walk away
Tip 6 - Be confident and direct with your approach
But if you’re feeling emotional or lacking self-assurance, utilise the skills of a third party expert to put the offer in on your behalf.
Because if you’ve found your dream home you want to make the right moves to secure it.
Property Investing away from the Big Smoke; what to look for and what to avoid
Looking for an investment property away from your own doorstep has its pros and cons.
Goo was very considered with her approach to the Mission Beach investment.
1 Great opportunities may await in lesser-discovered areas.
2 But you need to be aware that regional areas must have good infrastructure in order to experience capital growth. If that infrastructure doesn’t currently exist, what are the odds of it being created? Think airports, hospitals, freeways, etc.
3 Looking further afield may be the answer if you’re ready to invest but the time isn’t right in the market you currently live in
4 Diversity can reduce your exposure to risk. If the bubble bursts in one market your eggs are protected in another.
5 Because capital growth is not a given, look for a higher than average rental yield (I would suggest 6% as an absolute minimum).
It’s essential that you have a long-term approach in regional areas.
The market peaks and troughs are further apart which is not ideal for making a quick buck.