Hi everyone,
I'm about to start looking for my first investment property. I've done some research (and I'm still researching), and I'm at the stage where I'm ready to go to my target suburb and start attending inspections.
I've never been to an inspection before. How does it work?
– Can I just find suitable properties online that have a scheduled inspection, and show up at the right time?
– Should I go visit the real estate agents at their offices to find properties to inspect first, or later on?
– Do I need to book an inspection, or can I just show up?
– Anything else I should be aware of?
Thanks in advance!
Ben
Various different ways. Open houses normally have a time on the website for the property. Its a good opportunity to have a look around with others as you won't be followed by the agent like a hawk usually unless its quiet. First thing i would check would be the hot water system(make sure it looks new some even have a metal tag with a date of installation, the newer the better obviously), make sure you check under sinks and vanities for water damage/leaks. The other way is to book with the agent and go just with them. I prefer not going to open homes. Other peoples company puts me off my game
Tony Fleming | Triumphant Property Group
http://www.triumphantpropertygroup.com.au
Email MeNSW Buyer's Agent specialising in Western Sydney-Blue Mountains-Orange-Albury
Hi, open homes are the quickest way to see a lot of properties. When starting to look into your chosen suburb you need to look at a lot. As said- make appointments to see others that look like they may appeal to you. Look at those below and above your target price too to gauge the market.
When we first started looking we typed up a checklist. We would write down asking price, address and info about the property. Eg is it brick, fibro etc. number of bedrooms- state (poor, graffiti, etc. Windows- wood (state they are in) aluminium. Staple the flyer that the agent hands out, to it. Check out how sound the property is. If on peers look under the house for termite mounds and signs of dampness. There can be very expensive things to fix. Poor quality timber windows are a turn off for me. LOTS of work. Look at the property with a view of- how much more do I have to spend to make it a rentable property?
Sounds like overkill but we found a few properties were listed months later again at a reduced price. We could look back on it and offer a lower price as we knew they could be desperate to sell. Also when looking a property may look like good value but have lots of problems. It just makes it easier to gauge what the real prices are in a suburb. It also helps in knowing which streets/areas get the better prices.
If really interested in a property at an open home make another appointment to have a more thorough look. Although some suburbs are too hot to do this. They are being sold before or at the first open.
Go visit as many home opens as you can. I attended 3-4 home opens on each Saturday and Sunday in my target area.
It really gives you a good idea about the demand in the suburb and who your competing against. And it will help you identify a good deal when you fine one. If you like a property, go visit the next home open to see turn-out and ask if any offers have been made.
Go in and ask the real-estate agent what the expected rent return would be – and take with a grain of salt
Ask them how long its been on the market. Why the owners are selling? gather lots of info
Thanks for the tips everyone! I've started looking up places that meet my criteria and I'll be heading along to my first weekend of inspections (and auctions soon after) to see how it works. I've got a checklist for inspections so I'll take some of those along.
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