TIPS FOR 'FINDING THE RIGHT PROPERTY'

As interest rates continue to tumble in Australia, the property market is likely to start to heat-up, so if you're considering buying a new property (to live in, or for investment), I have prepared some tips which may help you find the right property, and negotiate the right price.

1. If you haven't already, make sure you have arranged your mortgage loan pre-approval (if you are a MCKFS Total Service Client, we would have already obtained your pre-approval, but if you're not yet a MCKFS Total Service Client, and you need assistance, don't hesitate to Contact Us for help)
   > Knowing how much you can borrow, is likely to help you find the right property and negotiate the right price, and not waste time trying to buy a property for which you can't borrow the money
    
2. Determine the location you prefer
   > Dont' waste your time looking at properties in areas you don't like
   > Investment properties close to where you live may be an advantage, as: a) you know the local area property market; and b) it's close for you to keep an eye on (but maybe not let the tenants know that you live close-by!)
    
3. Research the market
   > Don't just rely on real estate websites - actually go to the area and explore it. Spend a weekend just driving around the area and getting familiar with the properties, streets, local community, etc.
   > Find out the locations of key community facilities (schools; train stations; shops; main roads; etc.), as buying close to these areas may increase your long-term capital gain, and it's just more convenient to be close to everything
   > Look for 'For Sale' signs on houses - make a note of how many 'For Sale' signs each of the local real estate agents have (to guage which agent is listing the most properties, as they're usually the agents with the best insight into the local market - and have the largest property inventory to choose from)
    
4. Register you interest for buying a property with the local real estate agents
   > Some propeties are sold before they even have a chance to be listed on real estate websites. This is because the real estate agent is aware of what buyers are looking for, and negotiate the sale with the seller and buyer as soon as the property becomes available - or, sometimes, in anticipation of the property coming onto the market
   > The agent will know you're serious, and will likely spend more time tyring to find the right property for you
    
5. Research the property you are interested in
   > Obtain indpendent research for the property, and don't rely on the real estate agent for obtaining the history on the property
   > RP Data provide detailed property data reports to the real estate and banking industry (including Automated Valuations), so they are a good place to start (if you are a MCKFS Total Service Client, you have access to unlimited RP Data property reports, free of cost to you, so Contact Us with the property details, and we will obtain the reports for you)
   > A good property report will have details of previous sales (including the price), comparable sales in the area, and average returns in the area - all of which you can use to help you negotiate the purchase (If you're a MCKFS Total Service Client, you can engage us to negotiate the purchase for you, so you don't have to deal with the real estate agent)
    
6. BEFORE YOU SIGN, have the Purchase Contract checked by your legal adviser to ensure you understand the clauses (if you're a MCKFS Total Service Client, we will liaise with your legal adviser for you, to ensure the Purchase Contract has the appropriate clauses)

I hope the above helps, but if you would like more assistance to ensure you find the right property, don't hesitate to Contact Us and arrange your Free Financial Assessment - because Everyone Needs a Plan!