I am looking at buying an IP in Adelaide or in Dubbo, NSW. I need your help in finding answeres to the following questions:
1. What are the risks Vs. benefits of buying a duplex as opposed to a stand alone home?
2. Where to find independent property valuer?
3. Where to find some one for pest and building inspection?
4. How can I find an independent assessment of prospective rental potential.
5. Whre to look for for land lord’s insurance?
Your feed back will be much appreciated.
Thanks
SharifSharif
Hi Sharif
1. Sounds like you are looking at duplex in Adelaide? Pros are they are generally cheaper for the same size of house and land. Cons are that people seem to prefer stand alone houses in most suburbs unless the attachment is only through the garage. Also, you more or less have to agree with neighbour on external appearance as one half painted in different colours from the other half generally doesn’t look good.
2. Ask your lender for who is on their panel. Then chose one of them. That way you will not have to pay for a second valuation when you go for your loan.
3. Yellow pages. Ask for references.
4. Your valuation should have an indication of rent included. Also, chose your property manager well first and ask them.
5. Search this site using keywords of “Landlord’s Insurance”. Or, ring the main insurance companies and get a copy of their policies. Or, ask your property manager.
Mum
Thanks Mum(!). Your advice is ver helpful. I am not sure about one thing though. If I use the valuer from the lander’s panel, and it is found that the price has been inflated, can I re-negotiate the price. Or can I use the lender’s valuer before putting an offer?
Regards
SharifSharif
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