Making the decision purchasing an investment property, particularly an investment property in Brisbane will be one of the most important purchases you will make.
Whilst purchasing and owning an investment property can be a very rewarding experience, there are key items to consider when you make the decision to start your investment journey:
Location, Location, Location
Consider the location of the property and any amenities close by. To attract a broader range of tenants, whether it be families, couples, singles or tenant share, depending on the type of property you are purchasing, location is the key selling point. For a large family home, being close to schools and shops will appeal to families. Being close to public transport such as bus stops and train stations can appeal to most and are often considered highly desirable by prospective tenants when they are deciding on which area to live in.
It is also a good idea to do some research on the predicted growth for the area. If you are buying through an agent, they should know the area well and be able to provide you with information on any new developments in the area, including shopping centres, housing developments, etc. Particularly if you are looking at keeping your investment property in Brisbane for a while.
High maintenance vs low maintenance
Properties that are very high maintenance should be avoided. An aging property that requires immediate work on painting, carpets, and appliances will cost you more in the short term and may be more difficult to lease. High maintenance gardens can also be problematic as not every tenant has a green thumb and it is quite easy for gardens to become out of control if they are not maintained on a regular basis.
Presentable Properties attract tenants
A neat, clean & low maintenance property is more attractive to tenants. You are also more likely to attract good tenants who will look after the property if the property presents well.
Property Manager vs Self Manage
Self-managing your property can quite often be more work than you think. The legislation surrounding managing tenancies is ever-changing and unless you are completely up to date with your rights and obligations as an investment owner, including correct procedures to follow, correct notice periods for tenancy related issues, and correct paperwork that needs to be prepared, completed, and lodged or stored, you should consider a professional Property Manager to take care of this on your behalf.
Most importantly, Property Managers have the ability to look into a tenant’s previous rental history, which is valuable and not necessarily something you will be able to do accurately if you self-manage. A good Property Manager will negotiate on your behalf, they will collect rent, lodge bond monies, chase tenants for arrears, prepare all necessary tenancy related documents, take complaints from the tenant and provide you with the resources and information on how best to deal with any situation that arises.
Find a good property lawyer or conveyancing solicitor
It is recommended that you engage a solicitor prior to signing the contract. We can assist you with your purchase from the very start. Please contact us for more information.
Don’t forget to check out more information on Vendor Finance and Conveyancing matters.
Article Source: Investment Property In Brisbane
