Michael was the youngest client that PROPERTYOLOGY had the privilege of assisting last year. Michael is in the process of building a very diverse portfolio. Now at only 25, Michael has taken the next step in securing his financial freedom and purchased his second investment property.
This particular property is situated in the capital city of a completely different state to his first property. As well as being in a completely different location, the economic drivers of this particular location are vastly different to those of where he purchased last year.
Selecting a specific location to invest in, then finding the perfect property and negotiating the lowest possible purchase price are certainly the ‘attractive’ parts of buying a property.
Once a contract is signed however, our job is only half done for our clients. It’s at this point that our team jumps in to action to assist with and ultimately project manage all aspects of the real estate purchasing experience for our clients. This saves our clients time and lots of stress during what should be a very exciting and enjoyable time.
Arranging building and pest inspections, selecting suitable insurance and quantity surveyors and also liaising with conveyancers and financiers to ultimately ensure settlement is as seamless as possible are just a few of the important processes our team assist with.
Most importantly though, our team spend as much time as possible making sure our clients are 100% comfortable throughout the entire process.
More often than not, the entire process is very seamless. Occasionally though, unforeseen issues can arise which for a ‘DIY’ investor, could result in significant expenses, or worse, terminating a contract due to lack of knowledge and missing out on a great investment decision.
Building reports can appear concerning to someone unfamiliar with them, as they are negative in nature. A building inspector is never going to report on how ‘pretty’ a wall is, or how ‘nice’ a bench top is. As purchasers we actually don’t want that. We pay inspectors to provide their professional opinion to identify in detail what’s wrong with a property. Ultimately though, even building inspectors aren’t qualified in all areas and often need to cover themselves by saying things like ‘… it looks significant, recommend further inspection’.
The building report for this particular property raised some concerns which could well have caused a ‘DIY’ investor to terminate the contract with no further questions asked. However, after working closely with our client, to consider all the options, our Senior Buyers Agent Bryan Loughnan was able to successfully negotiate a significant amount of work (including significant landscaping and repairs to the outdoor entertaining area) to be completed at the vendors expense prior to settlement.
Bryan worked closely with Michael to give him a better understanding of the style of property in the investment location, and to explain that undertaking these works wouldn’t significantly increase the value of the property, however it certainly would improve the overall appeal of the property to prospective tenants.
Given we were able to secure this very presentable property for a very affordable $366,000, then being able to negotiate all of the works (approximately $10,000 worth) to be completed by the vendor at their expense prior to settlement was just a big cherry on top!
Knowing we are helping our clients to make astute investment decisions is very rewarding.
Congratulations again from the entire PROPERTYOLOGY team Michael. Who would have thought twelve months ago that you would have achieved so much in such a short period of time!
Bryan Loughnan is Propertyology’s Senior Buyer’s Agent. Bryan has a Bachelor of Applied Science majoring in Property Economics. In 2016, Bryan was a finalist in the Excellence Awards for “Queensland (REIQ) Buyer’s Agent of the Year”.