Research the Property & Area
Study the capital growth of properties in the area as well as potential rental income. Local real estate agents are good people to talk to.If you’re buying a unit the managing agent will have a full history of the unit and the apartment block. There may be a small fee for a strata report search but it could be worthwhile.
Buy into an area that suits your lifestyle and needs. eg: close to shops, schools, transport, or beaches and parks.
Consider using a home buyer’s advocate?
Buyer’s Advocates or Buyer’s Agents work for real estate agents or themselves providing advice on the pros and cons of particular properties for sale or lease. They also weigh up the investment risk and negotiate the best price and they charge for their services.
Get a Property Inspection
Always have the property inspected by experts before you buy. It costs a little extra but it could save you a lot – in time, money and stress. Your State Government website will often provide tips on fair and ethical practices for buying, selling and renovating.
Understand your Contract of Sale
Make sure you’re happy with what’s included in the sale, such as fittings and fixtures. Did you want to include the outdoor BBQ, tools in the shed, any furniture? Ask all the questions you want until you are reassured.
Lastly, if you have questions talk with your solicitor or conveyancer.
Negotiate the right price for you
You can only negotiate a private treaty sale and the negotiations usually follow the same pattern – the seller wants the highest price and the buyer wants the lowest. Most people usually meet somewhere in the middle.