How to search for property? | The Basics

How to search for property? | The Basics

Started to save? Great! Where do you begin to search? Let us help you!

A basic question some of you may think, but for those just starting out, we are here to help you get the leg up on the Property Search and begin.

It’s all well and good sorting our your brokers, and your solicitors, which are all very important tasks, but you’ve got to begin your search and actually start looking for the right property to buy.

Block out your Saturdays

Saturday is your day of searching. Set this entire day aside to look at property. Majority of Open Homes are scheduled for Saturdays and you’ll want to pack in as much as you can to look at.

Select a few suburbs

Be methodical about your search. The point here is to fine select a few suburbs, not look at every suburb. Look at your budget that you’ve set yourself out to working with. Say it’s $600,000. Start looking at suburbs that sit around the $400,000 – $600,000 range. Be smart, be safe. Don’t just look at the top range. Be methodical, and analytical and ensure that you are selecting wisely.

Work out your strategy

Understand what type of property you need to buy to satisfy the strategy you are looking to structure – and focus your numbers and search around it. Understand the requirements for your strategy, whether it’s cashflow, or capital growth, and know what you need to know, and put it into action from the moment you begin to search.

Research

When you’ve selected these suburbs and know your strategy, look at the data and know them like the back of your hand. Know the median house prices, know the highest and lowest sales. Look at how many sold, the rental yields. Become the expert. Not just for your future investment strategy and planning, but so you are prepared when it comes to negotiating and researching the properties.

Search

Search on the various different portals to find the right properties. Be smart about your searches. Jump on the portals (a few examples are www.realestate.com.au, www.domain.com.au, www.homely.com.au) Once you search, fine tune the search criteria. Set your budget range and be strict with it. Set the property type (if your research shows that an apartment is a good investment and townhouses aren’t in your opinion, make sure to fine tune and shut the other stock out). Unless you are looking at the neighbouring suburbs, un-tick surrounding suburbs too.

Prepare your Saturday Schedule!

On www.realestate.com.au (as an example), you can click at the top of the search, and select ‘Inspections’. Other portals have similar features. This will show you the open homes for any day, sorted by date. This will help you plan. Start diarising the times and dates, and prepare to attend as many as you can.

View 100 Properties

It’s common advice to view 100 properties before you look to buy. Along with your research, after this much exposure to the market, you’ll be an expert in no time. Also, pro-tip, you’ll be known by the agents so well, that they will be able to throw you on their off-market list. This means access to pre-market, off-market lists and properties. This may give you the upper hand!

Prepare and buy!

With the expert knowledge, the weekend’s packed out, the agents on speed-dial, the properties and numbers 100% downpat, when you buy, you will know that it is a perfect choice. It is a analytical decision, based on numbers and fact – the trick to buying a good investment is whatever strategy you are going for, be analytical, don’t overstretch, be realistic and do not buy emotionally.

Author

Michael Turner is a Property Development and Analytics Specialist operating in Sydney's Growth Centres and corridors. He is a Director of YPI, along with several roles at property development firms and agencies. He can often be heard on various radio mediums talking about Football and Property. You can find him on Twitter @mturnerypi or email him directly at m.turner@youngpropertyinvestor.com

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