If you buy a new apartment, you can wait until it is a few years old, then you know if any problems have arisen in the building of it. The problems should be identified and fixed before you buy.
Get a “Land Transfer” certificate from your local Council (your Solicitor can do this) before you buy. It will show you the price the property was last bought for and when, so you can be sure you’re getting a decent deal. It also means you are not relying on hearsay from a RE agent on the last price paid.
Become an expert in your particular market. If you have done well in a niche market, keep doing what you’ve been doing!! RE isn’t an experiment, it’s a skill.
The `3 day cooling off period’ does not apply to properties bought at Auctions. It only applies to private sales, HOWEVER if you take the Section 32 to your solicitor for perusal, the cooling off period becomes NULL & VOID (Conveyancers are okay though).
Remember a shorter settlement is often an invaluable bargaining tool in helping to reduce the asking price of a property!
Try and look beyond the bad colour choice or peeling paint, dated carpets or blinds, and the jungle in the front/rear yards. It may well look unappealing now but can save your thousands!!!
Take an Esky travelling; use food that can last a few days! I pack a loaf of sandwiches, some fruit; can save heaps on Take-Away food. Esky gets empty! Re-fill it by going to the Supermarket, not the highway robbery petrol station food stores.
Take a small tent, I don’t want to pay one hundred dollars a room for a Motel. All I do is sleep! Take a ‘Five Minute Tent Set-up’! Your down at 10 and up at 7. Australia is a great country there are lots of places to sleep for FREE. If going into the larger metro cities, camp ten minutes out the road.
If buying Off the Plan, with a year or several until settlement, apply for finance at LEAST 3 months before settlement if you didn’t have approval (whatever it was worth 12 – 24 months previously) on signing of the contract.
Get a really good solicitor – not one who only deals with the Mum and Dad ‘bread and butter’ type of settlements.
Sorry Jaffasoft, motels are the way to go, need a good rest and facilities to be smart enough to deal in property, don’t like the property hunting safari style bit. Besides, if everyone went camping, us moteliers would go broke. [biggrin]
TIP -when you build a list of reliable electricians, plumbers, painters, et., pass on to you PM and instruct to use them should the need arise, rather than rely on PM.s… who you may not know if they are ripping you off or not!
When IP hunting, if you can put up with it, try and inspect the building during cold, rainy or windy (winter) months; there is usually less competition (other buyers) around and it can really help identify any problem areas in the IP such as insulation issues, a leaking roof, gaping cracks, damp and/or draft spots etc.
I like units in larger developments as I don’t have a lot of time for research. I just go down to the Valuer General’s office in Perth and for a few dollars can find out every sale for the last 20 years in the complex. This makes it easy to see the times of good and bad CG. They make for easy revovations as well and can be a good money spinner.
P.S. I gather you can get all this online to but I haven’t tried yet as I like chatting to the girls in the VGO[biggrin]
Tip: Make sure your ‘team’ -ie your mortgage broker, accountant, solicitor, real estate agents etc KNOW what your plan is and that if they want your business they need to work together with you towards a commom goal. My ‘people'[biggrin] know that I have huge goals and are willing to help me get there.
Tip: Buy thousands and thousands of properties so you can become extremely wealthy and never have to work again.
Tip: Dont write anything too embarrassing on the website in case you end up writing a book one day and become famous.
Tip: Feel the fear and do it anyway.
Tip: NEVER accidentally lock your cat and dog in the same room for 3 hours while you go shopping just in case they trash the joint and look at you as if nothing happened when you get back. Just because they are asleep when you go out, doesnt mean they will stay that way. [thumbsupanim]