Don’t Try Buying An Investment Property In Queensland Without Reading This First!

Buying an Investment PropertyBuying an investment property in QLD can be the best decision an investor will ever make, but, if you’re not properly prepared, it could turn out to be the worst. You’ll want to make certain that you get the best advice and access to the best investment opportunities. This, though, is only half the story.

Many first-time property investors buying an investment property in QLD will make the big mistake of going into the process blindly. Here are some hints to make sure you don’t make that same mistake.

Hint #1: Work out how much you can afford

Work through your finances and research the mortgage market. You’ll need to consider how much rental income the property will produce, as well as the following:

  • Interest payments
  • Property taxes
  • Legal costs

Sit down with a professional advisor, and calculate your cash flow. Allow for a rise in interest rates.

If you are investing in off-the-plan property, you may avoid some taxes while also structuring your finances to coincide for settlement. New properties command higher rents, which will be positive for your cash flow.

Hint #2: Research location

Carry out some research about property location: this is the first thing that a renter or buyer will look for. Think about the local community and economy, facilities and amenities, and transport links to the CBD. Look for proximity to schools, shops, restaurants, parks, and leisure facilities as well as an area that is easily commutable to work.

The best locations are sold out quickly, so it pays to team up with a property professional that knows the market and has access to the best deals.

Hint #3: Speak to the developer (or an agent who has direct access to the developer)

When buying an investment property in QLD, or anywhere else, always speak to the developer. Those brochures are great to get an idea of the quality of finish, but you’ll often find that you can customise the property with internal features that will make it stand out from the crowd.

Always make sure that you have a list of all fixtures and fittings that are included in the price.

Hint #4: Protect your deposit

Never pay the deposit direct to the developer. Always make sure that the deposit is held in a trust account: this helps protect your money against a rogue developer – although if you are investing in property built by an experienced developer with a proven track-record you shouldn’t ever have this problem.

Hint #5: Get the paperwork right

Make sure you take legal advice early in the process, and employ the services of a qualified and experienced conveyancing solicitor. This will ensure that your interests are protected and that the process progresses in a timely manner.

Hint #6: Inspect the property

Prior to settlement, organise an independent inspection to make sure that all works have been completed satisfactorily and you are getting what you are paying for.

Hint #7: Source a local property management agency

Before settlement, find a local and reputable property management agency to find and vet tenants, ensure rent is paid, and regularly inspect the property.

Be prepared and prepare to profit

When buying an investment property in QLD, a key to making the maximum potential profit is to be prepared for the whole process of search, selection, completion, and rental. You’ll need to ensure that you have a good team around you, so you can benefit from financial and legal advice that will ensure your finances remain on track and the purchase progresses smoothly.

Whether you’re buying for capital gain or long-term rental income, off-the-plan property enables you to do so at advantageous prices and to a timetable that suits your finances. However, the best investment properties are bought quickly. At Home Port Property, we provide our Priority Investors with the earliest access to the best property investment opportunities.

If you would like to take advantage of all the benefits of being a Home Port Priority Investor, simply click here now to join our Inner Circle!

Alternatively, click here, if you’ve read through this post and you are ready to find out about specific off-the-plan investment properties that Home Port has available NOW in QLD.