I am based in Sydney and it appears to me that most CF+ properties are in WA. To all of you out there who have bought in WA do you always travel to inspect as places in WA tend to be a great distance apart or do you buy on instinct or is there some other way.
Col
Colin
Col,
I’m in Sydney and bought in perth 12 months ago. I wasn’t really looking for CP+ property, I was after capital gains, but basically I did my homework on areas over there for a couple of months, then arranged finance, then jumped on a plane a went looking houses in the areas I’d researched.
I didn’t end up liking the area’s I’d been researching when I got there. I (I really mean we, the wife was there also) ended up completely in the opposite direction, spending a couple of days doing about 25 Open House inspection, chating with numerous real estate agents on Saturday and Sunday.
We agreed on the place we liked (plent of the 20 or so other groups through liked it also and were already making plans on where things were to go in the house, and replacing this fence with a gate to get the boat in, and so on..,) , the vendor wanted it sold as a previous contract had recently fallen over due to finance and the vendor had already moved into a new house. I had pre-approval which makes them happy and put in a serious offer that I doubted would get knocked back, but I was happy to pay and a settlement date slightly shorter than the standard. The agent knows we are from Sydney and are jumping on a plane in and hour and a half and wont be back. I signed on the dotted line at about 3pm and was on a plane home at about 4:30pm. I get a call about midnight back in Sydney to say the offer has been accepted. A recent valuation indicates that we’ve made 30+% capital gain less than 12months.Some tips.
1. The real deals aren’t done on the web, just the research.
2. The numbers and the research might be good, but until you have been to a place you just can’t be too sure.
3. When driving around to heaps of open houses in a short period of time in a city/town you don’t know, take a navigator to look at the street directory while you drive, plus take something to drink and eat because you will probable forget to stop for it, or just wont have time.
4. Have your finances sorted out, to allow you to do a deal on the spot if you find that good deal.
5. Talk to all the real estate agents that you can, they are a wealth of knowledge and give information away that you would otherwise be happy to pay for, but just don’t know where to get it.
6. Get hold of a standard WA Contract of Sale and read to before you go, It’s not conditional on a building report like in Sydney, so be prepared to stick additional conditions into the contract if you feel that you need them.
7. Get some real estates to send you their Property Management Terms, Conditions and Prices schedules, you may be suprised at what is not included in there management fees, over there.Mal
Getting out of your comfort zone, can help you become comfortable
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