Welcome to the 1st part of our 4 part series titled: How To Inspect An Investment Property.
In this 4 part series on how to inspect an investment property we will take a look at:
- How To Inspect An Investment Property – Suburb Research
- How To Inspect An Investment Property – Inspecting The Street
- How To Inspect An Investment Property – Inspecting The Outside Of A House
- How To Inspect An Investment Property – Inspecting The Inside Of A House
Have you ever heard the saying “you need to inspect 100 properties before you find the right one”?
In today’s article we’re going to show you how can dramatically speed up this process.
How can you find the property that is right for you without having to spend hundreds of hours searching online, and how can you spend your time more effectively when going to countless inspections and open homes?
What research should I be doing on a suburb before I inspect a property?
- Distance to Major City
- Average Annual Price Growth
- Price growth over the last 3 years
- Average price growth over the last 12 months
- Predicted price growth over the next 5 years
- Predicted price growth over the next 8 years
- Medium house price
- Medium rent
- Average rental yield
- Rental vacancy rate
- Number of houses sold in the last 12 months
- Average number of days on market
- Average vendor discounting
- Supply and demand (according to realestate.com)
- How do the locals rate the suburb as a place to live
- Number of schools
- Major shopping centres
- Public transport options
Example of how to consolidate this information:
|Distance to Brisbane:||68km|
|Average Annual Price Growth:||3.03%p.a.|
|Price growth over the last 3 years:||7.30%|
|Price growth over the last 12 months:||0.51%|
|Predicted price growth over the next 5 years:||3%|
|Predicted price growth over the next 8 years:||6%|
|Median house price:||$397,000|
|Medium rent:||$385 / week|
|Rental vacancy rate:||1.23% as of Feb 2016|
|Number of houses sold in the last 12 months:||145|
|Average number of days on market:||91|
|Average vendor discounting:||5.02%|
|Supply and demand (according to realestate.com)||Mid to high demand market as of Feb 2016|
|How do the locals rate the suburb as a place to live:||6.9 / 10 stars|
|Demographics:||$1036 average household income, average age 38, 51.2% people married, 30% homes rented|
|Number of schools:||3|
|Major Shopping centres:||Within 5km’s|
|Public transport options:||Bus|
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