Many investors are hesitant about buying property interstate because
they’re uncertain about buying a property without both seeing it first, and
also being able to revisit when they like.
Sure, you should never buy a property without seeing it first, but that
doesn’t mean it needs to be you, the investor, who personally does that.
This is another task that could and should be passed onto your local and
experienced buyer’s agent.
Your buyer’s agent is representing you, should understand exactly what
you’re after, and also know the local markets well enough to know what to look
out for, so why not let them do the leg work for you?
So long as you’ve done adequate research and checks on the property and
a representative has personally visited, there is no reason for you to take the
trip interstate to do the same.
Top tips to help you
buy property interstate
The principles of buying interstate
residential property are much the same as buying locally although there are additional
matters to consider.
Here are my top nine tips and hints to
help you buy a house out of state.
- Invest with your head, not your heart
- Have a long-term investment strategy
- Only look at properties in investment-grade
locations that outperform the averages with regards to capital growth over
the long term.
- Look for the right property, at the right price,
and in the right location
- Do your research and due diligence on the area
(historical prices, rental yields, development plans, and particularly
employment opportunities, population growth, and infrastructure
- Hire alocalbuyer’s
agent with comprehensive local market knowledge and experience
- Don’t be afraid to buy sight unseen as long as
your buyer’s agent has provided you with plenty of photos, videos, and due
- Don’t rush – timeinthe market is
more important than getting the timing right.
- Make sure you do the math – fromstamp dutytoland
taxstructures (these will differ in each state) and any other cost
of ownership, it’s important to be on top of the numbers.
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Monday, 18 October 2021