As a first timer I wanted to buy a property in the same area where I live, but after doing some research
have come across better yielding properties in NSW & QLD is it wise to buy without inspection first?
One property I came across is fairly new and with tenants in place paying $450 pw, asking price under $385,000 with
good growth potential. Would like some advice.
As long as you do your due diligence which includes building and pest inspection I don't see a lot of issue.
However I would personally spend a few hundred dollars and go and inspect the property whilst making a day of it in the process.
Regards
Shahin
TheFinanceShop | Elite Property Finance
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Also that yield isn't extremely good unless there is scope for decent CG.
Regards
Shahin
TheFinanceShop | Elite Property Finance
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Hi Sabina
For some people, buying sight unseen isn't a problem. For others, the idea scares them.
I don't personally feel the need to inspect a property myself but if I was to purchase unseen, I'd still want trusted professionals to scope it out for me which could be a combination of a buyers agent, building and pest inspectors.
Different BA's have different pricing schedules and services on offer. If you could find one that will inspect on your behalf, then that should provide some reassurance.
Which particular areas are you considering?
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
…….is it wise to buy without inspection first?
Ever played russian roulette
Looking at Gunnedah NSW and areas around Browns Plains Qld.
Point taken, like your picture.
You're a newbie… get the experience. When you've bought 20 or 30 so properties no worries
Hi I agree with freckle and the only exception is if you have someone you fully trust. I sometimes buy properties I have not seen but then again its my business partner so it does make a difference.
For you buying a property sight unseen by buying over the internet or through an agent is the easiest way to lose your money. I have met many people over the years who have lost in some cases thousands and they complain that they were ripped off. Frankly if you lose money because of this you only have yourself to blame. Remember the cost of an airline ticket is nothing compared to the value of the property that you may buy
Nigel Kibel | Property Know How
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I've bought both seen and unseen. For the amount you are paying I'd definetly look yourself or get a building inspector. To be completely honest I'd probably just get a building inspection. I personally don't know a defect or the first thing about bad plumbing etc so they know what they are doing. I have found though that its easier to haggle if you have seen it unless you can pull off sounding like a property expert about the area or the market.
Tony Fleming | Triumphant Property Group
http://www.triumphantpropertygroup.com.au
Email MeNSW Buyer's Agent specialising in Western Sydney-Blue Mountains-Orange-Albury
Also I've never had a problem with an unseen property (touchwood). I do request photos of every room in two directions just for future reference for renovations, depreciation etc
Tony Fleming | Triumphant Property Group
http://www.triumphantpropertygroup.com.au
Email MeNSW Buyer's Agent specialising in Western Sydney-Blue Mountains-Orange-Albury
I agree but make sure its a decent building inspector. I have seen so many stories of people doing B and P and later finding issues which should have clearly been picked up with the BI.
Regards
Shahin
TheFinanceShop | Elite Property Finance
http://www.elitepropertyfinance.com
Email Me | Phone MeResidential and Commercial Brokerage
Hi Sabina
Maybe start a new thread asking if anyone can recommend some good building and pest inspectors in the areas where you're looking to purchase.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
We've just bought our second investment property and this one was purchased sight unseen.
We live in Qld and the property is in Tamworth. Do lots of research on the area you're interested in and look at sold prices of similar properties. Look at how many properties are available for rent etc. Also make sure you do a pest and building inspection. Make use of google maps and look at not only the street the house is in but the surrounding streets, main roads, suburbs, proximity to schools etc. Also get the estate agents to take lots of pics for you.
Buying sight unseen is not for everyone but we were happy that we did as much as we could without actually seeing the property.
Good luck,
Sundance
Google maps has been the greatest invention since slice bread – the first thing I do with property is check out the locale via google maps. It amazing how technology made things easier.
Regards
Shahin
TheFinanceShop | Elite Property Finance
http://www.elitepropertyfinance.com
Email Me | Phone MeResidential and Commercial Brokerage
http://www.nearmap.com/ is amazing as well – not sure if it's still free or not though.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
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