Some top tips on buying your first investment property…

If you’re going to take the plunge and buy an apartment in Sydney’s Eastern suburbs for investment purposes, then here are a few top tips from Michael Krimotat, Director at Ray White Double Bay:

1. Try to narrow your search from the start by making a list of criteria for your prospective property. Work out which are the most critical, and which are less important to you. Does it need to be near where you live, for example, or be a certain size for the rental market you’ll be targeting?

2. Put yourself in the place of your future tenants. Make a list of things they’ll be looking for.

3. Price. How much you can afford to spend will be limited by what you can borrow and what savings you have available, but you might not need to spend all of it. Doing a budget to work out what return you’ll get on your investment may be a better way to decide how much to spend than simply buying a property at the top end of your budget.

4. Sale-ability. If you don’t intend to hold on to the property for the long term, how easy will it be to sell on? In the Eastern Suburbs at the moment, you can’t go wrong.

5. Do your research. Try to gather as much information as possible concerning the property. If you’re serious about the investment then this time will not be wasted and you can avoid nasty surprises later.  It’s worth checking any information given to you by the vendor and the real estate agent unless it comes via their solicitor.  Visit the property as many times as you need to feel comfortable.

6. The area is as important as the property. Research of the local area and speak to neighbors and locals to get a feel for the place if you don’t already know it yourself. Or simply call Ray White Double Bay having expertise in both sale and rental in the Eastern Suburbs we will do all the hard work for you.