Getting Started in Brisbane Property Investing
Getting Started in Brisbane Property Investing can be an overwhelming experience if you’re not from here and don’t know the market. You have been reading all the books and doing the study and you have been checking Realestate.com for the latest properties. And that is where most people get too, they either do not commit or spend their lives searching.
Brisbane is a very unique market place, it is one of the most stable of the Australian capital cities where you can purchase a good quality Brick and tile home on 600 m2 of land within 12 kilometers of the Brisbane CBD. Neighbouring suburbs can have dramatic variations in the median house values and then there are some areas that are just not going to increase in value in the near future. On paper these cheaper suburbs may look great but what happens in a couple of years and there has been no capital growth or the property is vacant for an extended period of time.
It can be an overwhelming experience for first timers and then there is also the risks to consider. What if the property market crashes or you cant get a tenant.
This is where a good Brisbane Buyers Agent can help you. Firstly they can understand your needs and budget and show you the most suitable areas that will meet your requirements. They will also start to show you properties that are suitable for investment purposes. In the case of our business we have added additional services for our clients like our Brisbane Property Tours which are designed to take you on a journey throughout the suburbs of Brisbane so you can see them for yourself. We have also invested heavily into 3D Property Tour Technology so no matter where you are in the world you can examine a property in fully immersive 3D and see it like you were there yourself.
A good Buyers Agent will also have an understanding of every part of the property purchase process and will provide local support for you at very level. Part of my role is to not only find the right property for my clients but also to orchestrate the entire purchase process and manage any issues that may arise during the process.
Getting Started The Steps involved
Step 1 Get Pre Approved
The absolute first step when considering investing in Real Estate is to get your finances ready. This means getting pre approved and will give you a budget to work with. These days the Australian Government and the Bans have been trying to slow the investment financing sector down by making it hard to get a loan. For this reason your absolute best option for getting pre approved is to use an experienced mortgage broker. They are not going to be limited by one banks lending policies and will have access to around 30 lenders. Do not even think of doing an online application with one of the new breed of online comparison sites, use a broker, they dont cost you anything and can save you thousands in fees and interest rates.
Step 2 Set Your Goals
Once you know your budget then you need to work out what you want to achieve as that will determine the right location and type of property to invest in. You may be seeking to create a high income and for that a Dual Income Property might be the right choice for you. Our you may want fast capital growth which may mean a house and land package on an inner city infill block. Set Your Goals and work towards them.
Step 3 Get a Local Brisbane Buyers Agent
A good Buyers Agent will ask you what you want to achieve and what is your budget, the most important fundamentals to finding a suitable property for you. I stress use a local Brisbane Buyers Agent because of the amount of times I have watched a Buyers Agent from outside Queensland purchase a property for far too much money in the wrong area makes me wonder why anyone would entrust their money to someone why does not know the market place like the back of their hand. You need a Brisbane Buyers Agent with many years experience with a broad range of expertise who can guide you to the right suburbs that are going to perform. This is critical because a suburb like Kingston for example maybe cheap to buy in but is cheap for a reason and will stay that way for many years to come.
Step 4 Create a Purchase Strategy
Creating a Purchase Strategy means taking into account all your requirements and budget and matching it to suburbs and property types. A Buyers Agent will generally ask you for this information or if you haven’t created a plan yet, that person will do it in conjunction with you. This strategy will include target suburbs, property types and set limits on the price of a property.
Step 5 Learn
Learn for yourself what information is being sent to you. If your using a Buyers Agent then check the information they are sending you. If what they are showing you is true then you should be able to verify the information for yourself. If you have the time, get up to Brisbane and see the city for yourself. If your a client of ours this is a complimentary service and we do it so that you can see what we are sending you and why.
Step 6 Commit
If your being shown a good property and you can see it is good, commit to the purchase. I have a couple of ongoing clients who have been with me a year now. They could have purchased very good homes last year and started reaping the benefits of owning an investment property but there they are still on the fence over analysing everything to the point where they can’t make a decision or they think there is a better one around the corner.
That’s how easy it is. The hard part is starting and committing. Fear is the biggest killer of people getting ahead financially but if us the right services and people to help you they will mitigate the risks that are associated with any form of investing.
If you want to explore Investing in the Brisbane Property market further, we offer a complimentary strategy session where you can ask all the questions you like and work out if this is right for you. Call 0405 131 333 and talk to the local Brisbane Buyers Agent to see if it is right for you.