Buying an Investment Property is the easy part....

Late last year I was referred a brand new client with a new build that was due to settle just before Xmas. We have many overseas clients so no issues there, however this client was a bit different in the fact that he was very unprepared for what was required to rent out his new build.

It is an exciting prospect to buy a property especially a new build, and often the construction and settlement can seem a long way off in the future. For new Landlords in particular, often they are unsure of what questions to ask and what people to talk to regarding their purchase and what their obligations are. Too often I see new Investors leaving many things to the last minute including who they partner with as Property Managers.

With emotions running high and anxiety about the process of getting good tenants, paying the mortgage, compliance, it can take the shine of your investment, but it doesnt have to. Here are some pointers if you are looking at an Investment property especially if you live overseas.

1. Get a good team of experts around you. Ask the seller of your Investment Property whether it is a Developer or a Builder who they would recommend to refer you to. If you are going to rent your property out then you will need a Lawyer and a Property Manager and an Accountant. Establishing relationships with experts ahead of time will give you insights into where you are buying, and can make the process a lot smoother.
2. Doing your own research into the area you are buying is key, look at the demographics of the area, average rents for comparable properties, what attracts people to the area.? Is it an up and coming area?. If you are able to, spend some time in the area to get a feel of the vibe yourself.
3. Understand your obligations as a Landlord before you sign the dotted line. There is plenty of information online and many professionals that can give you free advice and assistance. Buying an Investment property can we very rewarding, and getting the right advice can make it that much better.