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Most property investors agree that they buy their investment property for capital growth. Therefore it would be simple arithmetic to say that purchasing a property well under market value would be a great step in building up instant equity and create a safety net if the property market has a bit of a dip or lull.
So how does one make sure that their purchase is under market value and how can one protect that equity so that it reaches its maximum potential?
Firstly, buying under the listed price is certainly not a guarantee that you have a great deal. As most experienced buyers know, real estate agents inflate the asking price so that the actual price the vendor wants is achieved.
|Number 1 is always research. Know the area and surrounds of where you are buying so that you have a realistic appreciation of current market conditions. In addition, a great relationship with your property manager can make a huge difference in buying a property before it comes on the market. With a large portfolio of properties under management, HomeRentals Queensland always has owners who wish to liquidate their assets by selling their investment properties. Most properties already have tenants in place and are under our professional property management services.|
Another easy way to pick up a bargain is look for the properties that are poorly marketed. Less buyer interest will almost certainly put pressure on the vendor to lower their expectations of price. In addition, the property that is poorly presented can be a bargain in the waiting. Overgrown lawns and gardens are easily fixed with a few dollars as well as the property that is strewn with litter and rubbish can easily be cleaned up with a couple of handymen with a skip or trailer.
Another way to make sure your investment dollar is not wasted is to find the hidden potential of a property. Be it a new coat of paint, a balcony, pergola or by adding an extra bedroom or bathroom can make enormous difference to the resale price of that next investment property you purchase. Demolishing a wall can add that feel of more space whilst even a new or renovated kitchen can instantly add appeal and value.
To protect your investment once purchased, always have a property manager that you trust look after your property. The property management services of HomeRentals Queensland cover all the areas of greater Brisbane as well as further afield. Remember if you need a rental appraisal of your pending purchase, please call Chris on 0403770035 or you can go to the link on our website below.