Have you done your research?
Finding the right property, in the right spot and the right price takes some practice.
Once you have your money sorted with the banks, your next big step is to start to research the market and I recommend sticking pretty close to home.
That is, you will feel much more confident looking at your local market because you live there and you know the truth about your suburb or town.
A great place to start your research is with the local agents and find out what is currently on the market, but more importantly, ask them about what has sold recently.
Recent sales give you good data on what the market is prepared to pay for property, not what an agent or vendor wants to sell it for.
Another great place to start your research is with the local council and/or the Regional Development agency. Both organisations have a good understanding of what is happening in the region and they can tell you about planned infrastructure, new jobs, new development projects and the long term future for the region.
Ask them when the new jobs are going to happen, ask them about local schools and local hospitals. What you are checking for is evidence that the region is growing and therefore demand for housing is likely to grow.
These questions will also give you some hints about the demographics of people in the region. Do they rent or do they buy? Is your target suburb a place where families want to live? Or students? Or retirees?
This information then gives you a heads up on the type of property that will be in demand locally. Make sure it fits the market. And, make sure it fits the market in the long term.
And, finally, use the internet. Ask the same questions of the key property web sites. Where are the growth area’s and what does the market want.
If you do your research, you will be able to match your investment dollars to a property purchase that the local market actually wants. This will make your job of renting the property a whole lot easier.
For more information on investment influences, news, growth, business and property opportunities, stayed tuned to the Invest Coorong blog or follow us on Facebook.
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