Buying an investment property is easy, right?
Everyone hopes that the process they are about to embark on to purchase their next (or first) investment property is smooth and uncomplicated. However, what most people underestimate is how much work is actually involved, even for the smoothest most straight forward purchase.
Most people consider the ‘fun’ part spending hours on the internet, or attending open homes trying to pick that perfect property, on the right street, in the right location.
It’s after the negotiations are complete and the contract is signed that the real time consuming work begins. There is appointing solicitors, appointing quantity surveyors to complete a tax depreciation schedule, appointing property managers, reviewing tenancy applications, arranging insurance and reviewing building and pest inspection reports. Not to mention the general hassles of getting your bank to complete a valuation and formalise finance within a specified timeframe.
Scare you just thinking about all of that? You aren’t alone. More and more investors are appointing professionals to assist them through this process because, let’s face it, there’s a lot of time that needs to be devoted to this undertaking (not to mention skill and specific knowledge).
Imagine the feeling when something pops up that makes this a more difficult purchase.
This is exactly what happened recently for a first time PROPERTYOLOGY client. In actual fact, it ended up being second time lucky for our South Australian based client, Mark. Results of the due diligence uncovered all sorts of information about the initial property that impacted on the progress of the transaction. It can be really daunting to read something in a building or pest report that doesn’t align with what you thought you were getting. In situations like this, having a professional in your corner is incredibly advantageous.
Mark was able to leave the issues in our hands, to work through with all involved parties to resolve the situation with his best interests in mind. The PROPERTYOLOGY team spent many, many hours evaluating the due diligence reports, talking with the inspectors, the sales agent and the respective solicitors trying to negotiate for a suitable outcome. While we kept Mark in the loop through the whole process, it was PROPERTYOLOGY, in particular our Buyer’s Agents Bryan Loughnan and Euan Rose, not our client, who devoted all those hours to determine and then work towards the best outcome for Mark.
In this situation, as sometimes happens, the best outcome was in fact to move on from the property in question and seek to find another more suitable property to purchase. In doing so, we were able to secure Mark the fantastic property in this picture for his portfolio.
It involved a bit of work Mark, but congratulations again. In the end we believe it was a very astute decision to walk away and ultimately secure this fantastic property.
We look forward to assisting you again very soon.