All Topics / Help Needed! / buying interstate

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  • Profile photo of tmmmtmmm
    Member
    @tmmm
    Join Date: 2004
    Post Count: 2
    March 13, 2005 - 9:29 am

    hi everyone

    just wandering about how one go’s about buying a property which is essentially interstate and miles away, possibly even rather remote…e.g. i’m in canberra and find a property in woop woop

    do u generally make an effort to go and physically inspect the property?

    I have been thinking of at minimum having the following done during the cooling off period without being there :

    1. termite inspection
    2. building inspection
    3. independnat valuation

    has anyone bought site unseen and what steps did u take? could your localandbroker handle the deal?

    thnx for any thoughts
    tony

    Profile photo of westanwestan
    Member
    @westan
    Join Date: 2002
    Post Count: 1,950
    March 14, 2005 - 1:55 am

    Hi tony

    i’ve bought quite a few properties as a remote buyer. As a general rule i would try to inspect the property but some times its impossible.

    the things you have mentioned are essential.

    To your list i’d add
    check rental demand, this is best done through property managers in the city you are buying in (don’t assume what the selling agent tells you to be true). Ask property managers where are the areas that are slow to rent and why. Ask what type of homes are in demand. Most good property managers will even check out the home on your behalf (if you ask nicely) and give feedback to you. Ask them what rent will it get in its current condition and what can be done to increase the rent. (a nice bunch of flowers would be appreciated by a property manager who does this for you).
    as a remote buyer you also need a very good knowledge of the local market- are you paying the right price for the home ?? I see it often that remote buyers pay too much for properties.
    Check the local economy- its important to know whats happening in the area you are buying, you don’t want a home that will be in a city that is declkining (ie mine closing in 2 years etc).

    all the best
    regards westan

    USA information evenings in Melb, Syd and Brisbane in early April, email me for more info. We find cash positive deals showing 15-25% Returns in the USA email me at [email protected] to join our database

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