- Do independent research. Use the Investment to research bounds you’re interested in. You can find historical information such as increase in property range and rental yields or houses and units. The Market Demand tool is also useful, revealing the number of visits to listing per month in a particular suburb. Learn about the neighborhood and the demographics.
- Visit the area. Once you have completed your research, I strongly suggest that you visit the area. You can see your area on Google Maps but if you’re going to spend hundreds of thousands of dollars on buying a property, spend a few hundred dollars on flights and accommodation to check out the area for yourself. Drives around the area speak to the locals, including real estate agents and the council.
- Buy it. If you feel convinced, buy it yourself. However, a good buyer’s agent can be appeal their weight in gold. I know many people who have used buyer’s agents when purchasing interstate with some excellent results. A buyer’s agent can source the property for you, perhaps before it is scheduled on the open market. They can also confer the price and conditions on your behalf.
A general trap inexperienced investors fall into is pleasing as gospel whatever the interstate selling agent is telling you.
Remember, the agent is working for the merchant, not you the prospective purchaser. You need to do more research than normal when buying interstate property.
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