Step 4 is RESEARCH!
Research is the fun bit, but it can also be really confusing and often quite daunting. This is where you look at locations, infrastructure, population growth, hot spots, rental vacancy rates, rental returns, the type of property you’re after – house, unit, town house, development site, duplex, dual occupancy and the list goes on. You look at property reports, real estate sites such as realestate.com.au, domain.com.au, local council sites, RP data, state government sites and whatever other site you can find that will aid you in your information gathering!
You compare buying new versus old / established versus building, you look at different types of construction, brick, light weight cladding, latest building products. If you are looking to buy an older established home with the idea of renovating then you will need to look at existing materials such as asbestos and the possibility of white ants. If you are building new then you will want to check out the builders, their specifications, plans, licences, insurances etc. The list is endless of what you want to research, the more you know, the less surprises you will get.
You might want to do an advance strategy, such as a duplex or dual occupancy, a development or a land subdivision. This is where you will have to contact council, find out what is and isn’t allowed on that particular site. A property strategist will be able to help you with this.
I also recommend that you try and see the site you are going to purchase before you actually make the purchase. However, in saying that – with technology these days it is not necessary if you can inspect it online to a level that you are happy with. Your property strategist will be able to inspect the site / property on your behalf if it is in their local area. Which reverts to step 2 – make sure you have the right team.
Researching is where you should spend the most amount of time in the whole purchasing process to guarantee you are making the right decisions. Engage your team to help you in their areas of expertise.
Blue Wave Property Strategies is located on the Sunshine Coast and we often travel as far south to the Gold Coast to check out sites for our clients… actually Chris will jump on a plane to check out a site for a client in a different state if he thinks it’s necessary! If you need help with any investment research, feel free to contact us at the office any time!