Hi
This is my first time on the forum. I’m interested to know if anyone has every purchased a property without physically seeing it. I’m interested in investing in Brisbane and have seen the property online. The agent has been very helpful with providing room measurements, possible rental return and specifics about the property. Photos of property look spick & span. Any thoughts on purchasing without seeing it? My purchase will be subject to a building inspection of course, but if the numbers add up should I go ahead and buy?
Thanks
Maria0911Originally posted by Maria0911:Hi
This is my first time on the forum. I’m interested to know if anyone has every purchased a property without physically seeing it. I’m interested in investing in Brisbane and have seen the property online. The agent has been very helpful with providing room measurements, possible rental return and specifics about the property. Photos of property look spick & span. Any thoughts on purchasing without seeing it? My purchase will be subject to a building inspection of course, but if the numbers add up should I go ahead and buy?
Thanks
Maria0911Many people have bought “sight unseen” and it turned out OK. My daughter bought a townhouse in Cairns last year like that.
I almost did the same with two properties in Queensland but at my wife’s question, “what is stopping you from going?” I did go, and I am now glad I did. When I still went ahead and bought the two properties, I now have a better understanding of the town, the bad areas, the good one, have met the solicitor personally, (and know not to engage him again!) know my agent personally and their competitors, the land surveyor that will do the subdivision etc etc.There are also some horror stories about buying sight unseen, so beware, houses look always good on photos, it is all the dodgy places that you don’t see that make the difference.
The expense of going there, will not be a tax deduction and is part of your purchase expenses.
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“What you want in your life occasionally shows up…
what you must have… always does.”
……….– Doug FirebaughMay God Prosper you.[biggrin]
Marc…http://www.chosen4u.com/?aceHi maria 9011
we purchased our 1st and only IP so far, in another state sight unseen. We actually put in an offer without seeing any photos of the property.It is probably considered quite risky by some people but I actually did my due diligence on the prop before making the offer as to how old the building was,was it in a good part of town,what was the rental income etc.
We of course have had all the inspections done to it before we settled and they have come back fine.
We are satisfied as to how all the figures have worked out and think it was the right choice for us.Some people just dont have the time or money to physicaly visit every possible IP,so if you just make sure you do all your research and the figures come back good then I say go for it. good luck
mandy[exhappy]Hi Maria,
We have purchased all of our properties sight unseen. Obviously there is a need to still do your checks and balances – this process just takes a slightly different tack when you are buying unseen.
Equally, of course, there are those who need to see every property they buy.
It does come down to a matter of personal choice and whether or the process you use passes your sleep at nigt test.
Derek
[email protected]
0409 882 958
Property investment advice and researched property in quality locations available.Hi Maria,
We purchased our first house without physically inspecting it and would not repeat the process. It was in Perth and we were living in Glenelg at the time and were not able to get away from work committments.
The prop. didn’t perform, both from a CG and a cashflow perspective. Unsure if this was attributable to the initial non-viewing or not ??
On reflection, I think the non-performance was more the fact that we were inexperienced investors.
In hindsight would have prefered to have read about that pitfall and sidestepped it rather than go through the learning curve blow by blow.
Cheers,
Dazzling
“No point having a cake if you can’t eat it.”
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