Dilleen Property Group 2022

How do you find affordable, quality investment properties?

Property is one of the best assets to invest in in 2022, everyone wants to do it..

But, the problem is how can you actually find properties that are good quality and cheap enough to afford with an average wage?

Today, I will reveal some of the best tips and strategies to follow when looking for an investment property that is both cheap and good quality.

Number 1: Interstate buying:

Unfortunately, you can’t find great deals for a good price everywhere, which is why interstate investing is such a popular thing now. When making any investment, especially in property, it’s important to take out the emotional side of things. What I mean by that is buying property in areas that aren’t necessarily 20 mins away from where you live. The right property for your investment portfolio may be in another state. States such as QLD and Adelaide have amazing investment opportunities without the giant price tag like Sydney and Melbourne. Another great thing about these 2 states is the rental yields are a lot higher than Sydney and Melbourne.

Number 2: Looking in metro areas:

Metro locations are ideal for investment properties as they are close to the city CBD, in areas with a sizeable population, surrounded by great infrastructure, transportation, schools, shops, etc. and they are always growing in value due to the growth ripple effect. Not only this, but they are cheaper than the properties directly in the city area, while still coming with all the benefits I just mentioned.

We’ve able to source properties in metro areas like this between $180k - $600k in price with between 6%-9%+ yields and strong growth.

Number 3: Off-market properties:

One of the best ways to get a great deal on a property is by buying it before it has hit the market (off-market). These types of properties are usually urgent sales such as:

-       Divorce sales

-       Bank repossessions

-       Death sales

A lot of the time these properties are below market value/below the sale price of comparable properties on the market. This is great, as you are essentially getting equity on the way into the deal.

The downside to this is, not everyone has access to off-market properties that are below market value. People who have built up strong connections with real estate agents in the right market can access these deals. Certain property buyers’ agents have built up connections with agents and bank associates and can source off-market deals for clients who don’t have the time or expertise to do it themselves.

Number 4: Pest and building reports:

Now that we have talked about how to find cheap, affordable properties, how do we know if these are good quality?

As I mentioned earlier, it’s not always an option to go and look at these properties in person yourself. Therefore, it’s super important to do a pest and building report. Pest and building reports are conducted by professionals who inspect the property based on its current condition. The report can include information about any form of damages, mould, cracks, general wear and tear, etc. The report is then sent over to the potential buyer to view. It should include written information and pictures. The information provided on these reports is much more detailed than what you would be able to know and see if you were to inspect the property yourself. So, leaving it up to the professionals is the best way to protect yourself as a buyer when making that property purchase.

Additionally, you can request a video walkthrough of the property from the sellers agent if you wish to see the property in more detail.

These 4 tips are essential when looking for your first, or next investment property. Whether you are a beginner investor, or own multiple properties, these tips are for you. If you find yourself lacking in time to do the research and find the right investment property, it’s okay to let a professional do it for you.

 Disclaimer: This is not intended as legal, financial, or investment advice and should not be construed or relied on as such. Before making any commitment of a legal or financial nature, you should seek advice from a qualified and registered legal practitioner or financial or investment adviser.