What to ask before buying an investment property

Interested in buying your first investment property? Or maybe you are looking for advice if it’s right for you? The team at KDD Conveyancing have got some questions you should be asking before jumping in, and advice on how to navigate the market.

HOW MUCH CAN I BORROW?

Compare lenders or speak to a finance broker to find the best loan for you. A pre-approved home loan can enhance your credibility and increase your negotiating power, and you may be able to leverage an existing property to increase your borrowing power. Once you have an idea on how much you can borrow, start researching the market value of properties in areas you are considering. 

CAN I GET SOMEONE ELSE TO INSPECT THE PROPERTY?

Once you’ve found a property, it’s critical to have the right people inspect it. Professional building and pest inspectors are able to identify any physical problems with the property, while a conveyancer can check the title for any encumbrances, including restrictive covenants and easements or any other important documentation. 

WHO SHOULD REVIEW MY CONTRACT?

Conveyancers are trained to provide you with information on regulations that may impact you, and are able to identify issues with a contract. Once identified, they are also able to work with you to have these terms amended before you sign on the dotted line.

I’M READY TO PLACE AN OFFER, NOW WHAT?

Whether it’s through an auction or a private treaty sale, buying an investment property can be one of the most stressful processes a person can go through.

There are many rules and regulations when it comes to transferring a property. Both parties must adhere to the terms of the contract, complete extensive documentation and consider obligations such as stamp duty and GST withholding provisions before the property is officially transferred. Specialised expertise in the process is key, and every step must be done properly. These requirements are often time sensitive, and require a wealth of knowledge to understand. 

A conveyancer is best equipped to help you navigate this process, and will work with you all the way to the final settlement. 

Need any extra help?

Purchasing an investment property is a big decision, and having the right team beside you is the first step to success. Let KDD help you succeed in all your property transactions:

• We’re licensed professionals.
• As a business, we have two decades of experience in conveyancing, and our team has over 150 years’ collective experience.
• We are caring about getting the best outcomes for our customers, whether you’re a property buyer or seller.
• Every team member was handpicked for their career achievements, passion, and great personality.
• We are active and innovative thought leaders who are grateful to be recognised by our peers and industry associations with multiple industry awards.
• We are entrepreneurial in bringing breakthrough proptech to our fellow conveyancers, with the vision of making things easier, faster, and safer for all parties in the property ecosystem.  

Contact us to explore what we could do for you!