9. BEING LESS THAN THOROUGH
So you’ve found the right property and you’re ready to make a move.
Have you really done every little bit of research into the investment?
Do you know why the vendor is selling?
Knowing the vendor’s motivation can make a big difference when it comes to negotiating a good price.
During the initial inspection look for clues as to the vendor’s personal situation; are they going through a divorce for instance?
While it might sound a little callous, this gives you an opportunity to buy a bargain, as well as giving the seller a chance to move on with their lives.
Have you had the relevant inspections done to uncover any structural defects or signs of pest infestations, like termites?
The fees for these are tax deductible and paying say $800 for this type of peace of mind can save you thousands in the long term.
Finally, is the property liveable from a tenant’s perspective?
Remember, while you won’t be living here, someone else will, and they’ll be paying you to do so.
Ask yourself, is the floor plan appealing and will the property provide a comfortable, practical home?
Always do a second and third inspection at different times of the day.
Is it noisy during peak hour?
How does the light work at different times?
Are the neighbours party animals or quiet?
Ticking all of the right boxes when you inspect a property will ensure you buy the best possible investment every time.