Relocation Relocation Australia host, Veronica Morgan, has these tips for buying property.
Internet property searching
Despite never having been to the Sunshine Coast, Lauren and Clint had done a great deal of research on the web prior to travelling across the country and inspecting their first properties. This made it much easier for them to get their bearings however they had developed various preconceptions that were very quickly challenged.
Firstly, they both had an about-face on the size of the acreage they wanted. Physically seeing the land put a few things in perspective and they immediately realized just how much work is involved in looking after these types of properties.
Secondly, Clint had a very surprising positive reaction to the new homestead given he had previously talked about his desire to renovate and build. It is very difficult to really assess a property by looking at a few pictures on the Internet.
Looks can be deceiving
They were shocked when they saw the way the Mooloo house had been presented. But, with the help of some expert advice from a builder, they were able to look beyond the general state of neglect and see the potential to fix up the house rather than following their initial reaction to simply demolish it. By factoring in the costs of improvements they could understand the total cost of this property and then be able to weigh up whether or not they were getting a good deal. And initially, this seemed like a great option for them.
On the flipside, when they were presented with the dark and dingy apartment in the heart of Brisbane, they said that appearances didn’t matter if the rental return was high enough. But this was a property that couldn’t really be improved (other than a lick of paint!), so this one really was an ugly duck.
Their response to the brighter apartment with the lovely outlook was much more telling – and they could see how this could translate into an easy renter with additional appeal for resale, which is an essential component of capital growth.