5 VERY IMPORTANT QUESTIONS TO ASK YOURSELF WHEN BUYING A PROPERTY

February 26, 2018

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1. Is the property located in a good suburb?
Brisbane comprises of almost 200 suburbs, so the challenge to buy in a desirable suburb is a major consideration. Do you want to be close to the CBD? Does a bohemian style of living appeal either for personal living or as an investment? How about a vibrant area for dining and entertainment or one of the quieter suburbs? All are available, so set in your mind exactly what it is you are looking for and then concentrate on 4 or 5 suburbs that provide it. Brisbane’s suburbs vary considerably in size, so take this into account when assessing the property’s position in the suburb itself. Consider such things as ease of public transport access and the associated transportation methods, proximity of local amenities and how important it is to be within easy reach of certain facilities such as schools, universities or sporting/music venues.
2. Is it in a good quality position in that suburb?
Quality within a suburb can vary from street to street in Brisbane so it is important to choose wisely. Things a first time (or non-local) buyer may not consider important do impact on the wider market so consider aspect of the land, layout of the house and potential flooding or overland flow issues. Position, position, position is not just a cute catch phrase! It is the one fundamental that can’t be changed.
3. Would the property be easy to tenant?
This relates to the question above. Take a look at the demographics of those suburbs you are interested in, define which groups of people are predominant and then consider its position in terms of how easy it will be to find tenants.
4. Is it going to be easy to sell?
Again, consideration must be taken in relation to the types of property you are looking at and their location in terms of future onward selling. The property needs to be relevant to the suburb it is in, well positioned and an attractive proposition for future purchasers. Ultimately the answers to questions one and two will determine this answer.
5. Are the proportion of owner occupiers higher than that of investor owners?
This is an important point dependent upon whether the property is for your own use or as a rental investment. If the proportion of owner occupiers is higher this means the community is there to stay and will be a desired place to buy to and live. This will usually mean that it will achieve higher growth than an area with a higher proportion of investor owners as they are more rental return driven with the expectancy of fluid tenants who will stay for longer agreed tenancy periods.

If you would like more advice on where to buy in Brisbane please do not hesitate in contacting us on email: askus@pspropertyadvisory.com.au or call us on (07) 3368 1604.