Hi,
I am desperately trying to purchase my first property but all the properties that i find that look good in terms of the return are very far away (6-8hrs drive). Is it possible for me to purchase a property with confidence (building inspection?) on that one day i drive down or would i need to commute there several times before buying?
Regards,
JC
Welcome JC,
I wouldn’t drive 6-8 Hours just to look at 1 place. Squeeze in as many as you can in the time you have so that you have a very good idea of the value of the place you are interested in, in relation to what else is available in the area.
Having said that, yes 1 trip/ inspection MAY be enough. You can make the Contract subject to a building inspection report, to your satisfaction.
There are plenty of other things to check out as well, while on your trip. Like, will it rent ? what’s the rental vacancy rate there ? is there a property manager nearby to manage it ? If it a small town, are there trades people around for emergency repairs if you can’t do it ?
Mal
Getting out of your comfort zone, can help you become comfortable
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