Buying a property - what we looked for

Property research

Sound research and thorough due diligence is essential when purchasing residential real estate. 

A plan and strategy

There is risk and reward and it is important that you consult your Property Advisor, Financial Advisor,  Accountant, Legal Advisor or otherwise prior to commencing any research or buying a property.

Consider whether the purchase of any property is suited to your individual circumstances and how this fits in with your overall plan, strategy and property portfolio. 

It is always good to have developed a  written plan and strategies before you start.

Due diligence and questions

Here are some common questions we look at as buyers:

1.What type of property we wanted to buy? – Holiday rental

2.House or Strata (Apartment/Unit/Townhouse etc) -What land size?

3.Budget for purchase price, stamp duty and other purchase costs?

4.Historical price growth rates?

5.Rental income required? and how best to promote the property?

6.Rental income growth rates?

7.How to select and manage tenants?

8.Economic drivers of price and rental growth?

9.Accurate sales data for comparative sales data analysis?

10.Local Government Authority statistics and data?

11.State Government Authority statistics and data?

12.Due diligence questions and checklist?

13.How to obtain information from the Listing Agent?

14.How to obtain independant information about the property?

15.Looking at the property objectively and crunching the numbers?

16.Finance options?  - we wanted to be a standalone with its own mortage

We found the link below very useful. http://www.australian-real-estate.net.au/investing/research-the-australian-property-market/surveying-and-subdivision-specialists/ - http://www.rpdata.com/