6 things you should know when researching to buy a property
PART 2 – THINKING DIFFERENTLY ABOUT BUYING PROPERTY
Research Overload
BY EVA COUGHRAN — 2 MIN READ
By now you’re in deep, doing your research before you buy a property. How much research would you do if you were about to spend your life savings? Or make the next big financial move that could make or break a comfortable future for you?
Information is a wonderful thing, but how much of it can you take before your mind goes into over drive or you feel lost surrounded by so much conflicting information.
We’re in the property biz so for us doing the research comes naturally, but if I’m honest, the world wide web today is such a confusing space, even for us when it comes to property. Everyone is busy spruiking their own angle, twisting reality to suit their back pockets and preying on the general populations lack of experience.
The Gold Coast in comparison to other cities is a small place, so why do we have so many property spruikers, financial planning firms offering a full service, and marketeers flogging developer stock isn’t rife.
So, we talked about mindset and now, research overload. How do we go from our worst case scenario to our best case scenario?
01. Keep the end in mind
The simple truth is, if you don’t buy well, you won’t sell well. So consider the future before you’ve even considered the present. You need to make sure what you are purchasing is and will be a desirable asset when it comes time to sell. Don’t buy a lemon just because it’s cheap.
If it looks cheap, that’s probably because it is.
02. The numbers aren’t always right
Don’t rely on bulk data resources and online price guides. These are great for a broad market snapshot but we’ve tested the mainstream services… And found a considerable gap between their predictions and reality.
03. The web – is it up-to-date
Agents leave properties they have already sold up on realestate.com.au to use as a lead generator – annoying right?! If it’s been on the market for more than 90 days or had 5,000 views already there is a good chance you’re wasting your time looking at it.
04. Keep it simple
You could read a million market reports, investor magazines and subscribe to every property data/research house. But, how do you know what’s right for you? It get’s confusing and is often contradictory – don’t outsmart yourself!
05. Go small for big rewards
If you’re on a budget, small apartment buildings and duplexes are great buys. Boutique apartment blocks mean lower outgoings (under $50/wk). They also mean more charm and character and are often better investment options than the massive complexes out there today. Check out our Gold Coast Market Guide here for more on what you can expect.
We recognise just what it takes to sell, buy, move, relocate, upsize, downsize + make a lifestyle change. We built our business to help families succeed in every aspect of chasing their property goals.
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