Getting into the property market can be a daunting task for first-time investors. There are many things that you need to consider when trying to maximise the return on your investment. Doing your own research will go a long way towards preparing you for investing. But it can also be very helpful to get the services of a professional.
This article will give you an introduction to the different professional services that are available to investors. You may not need every one of these services, but you may find that some of them are invaluable. Each one of these services can help you maximise the return on your investment property.
Real Estate Advisor
The first step in investment is to find a property that suits your financial and investment needs. This means finding a property that is not only in your price range, but also in an area that is likely to experience capital growth. First-time investors usually won’t have the capital required to get straight into the trendiest inner-city suburbs, so that’s why a real estate advisor can be so useful.
A good real estate advisor will know the best suburbs to invest in that are in your price range. They will also have detailed information about which areas within those suburbs are likely to experience the best growth. This can depend on factors such current and planned infrastructure projects that may have a positive or negative impact on property prices.
Once you know where you want to invest, the next step will be to look at your loan options. This can be difficult for people who don’t have a lot of experience dealing with home loans since it’s one of the largest financial commitments a person can make.
A reputable finance broker will be able to help you find a home loan that is suitable for your needs and circumstances. They will take a range of factors into account, including your income, credit history, and financial stability. This is a good way to help you find a home loan that suits your needs, as the finance broker will act as an advocate for your application to lenders.
Property Buyer’s Agent
Now that you know where you want to invest and you have access to finance, buying the property will be your next goal. As exciting as this step is, it is easier said than done. There is a lot of competition when it comes to buying property, especially in prime investment areas.
A buyer’s agent is a licensed real estate agent who acts on the buyer’s behalf. They can help you negotiate the sale of the property and can be extremely helpful to investors who may not have a lot of experience with buying property.
Qualified Property Inspector
It’s always a good idea to make sure the sale of the property is conditional on a property inspection, but you may not be the best person to carry it out. If you don’t know the signs or what to look for, you might not notice potential problems with the property.
A professional property inspector will have a great deal of experience and will know exactly what they need to check to make sure you don’t get any nasty surprises. Amongst other things, they will check for leaks, moisture, asbestos, termites and structural problems.
The final step towards owning your new investment property is the settlement. This involves the legal process of conveyancing which deals with the transfer and ownership of property. This is the point at which all of the legal documents get signed, and property is transferred.
A conveyancer will prepare the documents and facilitate the settlement process. They will also work with your real estate agent to help lodge the documents, calculate the rates and taxes, and settle the property. A conveyancer will ensure that this process goes as quickly and smoothly as possible.
Getting expert advice every step of the way will give first-time investors the best chance of entering the property market. Not only will you avoid potential problems, but you’ll also give yourself the best chance of maximising the return on your investment.
Author: Rapid Finance provides industry leading finance options for Australian businesses, families and individuals. For more articles, including customer advice and car reviews, click here.