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WEEKLY PROPERTY UPDATE #020

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Friday 13th February 2015

Is it preferable to buy an investment property local to my current address?

Is it preferable to buy an investment property local to my current address?

If you’ve had your eye on a potential investment property around the corner from where you currently live, you wouldn’t be the first. There are many pros and cons to buying a property locally.

The certainty that comes with knowing your own area and being able to drive past your investment property can be second to none in many people’s eyes.

There are some crucial questions you need to ask yourself:-

* Are you living somewhere that is expected to do well for investors?

* Is there somewhere better?

* Can you afford it?

It’s unlikely that the one suburb you live in is the best investment location out of every suburb across the country.

If you own the home that you are living in, then it might actually make sense to diversify and consider a property further afield, or even interstate.

Similarly, if you haven’t yet purchased in the area, it might be worth looking for other opportunities first, rather than holding yourself to one specific location. You need to make sure the area works for you, to achieve your financial goals.

Often, the reason you live somewhere is very different to the reason you invest somewhere.

Benefits to purchasing a property that is local or just a few suburbs away:-

* You have the option to repair and renovate yourself, without having to travel long distances.

* You can do the protective drive-past if you’re getting concerned about the investment.

* You can  self-manage the property.  If you are looking at renovation as part of the process,  then it’s worthwhile considering purchasing closer to home.

* Buying locally can also save you time if you have the required knowledge about the area’s property market in advance.

Many first time investors keep a regular eye on their suburb’s auctions and sales.

However, having strong local knowledge and connections can go both ways.

Seek out local experts, and if you have knowledge as to potential changes coming up for the area, the good and the bad streets, where the noisy neighbours are and so on, it can cut short your research time. But it also means you may be very biased about an area you like.

Leave your emotions and assumptions at the door, look at an area as an investor not as a resident.

You may find that what you think is true about the area is not the case when you take a step back.

Consider the following:-

*  Possible return and investment figures

* Rental yields and what you are getting for your investment

You may want to consider engaging a buyer’s agent or other professional if looking at another location.

Remember, even if you decide to purchase in a location not local to you, do the necessary research – it’s worth the costs and due diligence.

You must also be astute about the differences from state to state. There are different real estate and planning laws across the country that you need to make yourself familiar with.

HAPPY BUYING!!

If you would like to discuss any of your property needs, whether it be renting/selling your property or buying a property in the Eastern Suburbs of Sydney (Bondi Beach, Bronte, Tamarama, Dover Heights, Double Bay, Rose Bay, Vaucluse, Queens Park, Bellevue Hill and surrounding suburbs),  please feel free to contact me on
0413 807 344 or you can email me on  martine@rhdb.com.au with your enquiry.

I look forward to hearing from you.

Martine Harvey
Raine and Horne Double Bay
(realestategirl2026)

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FAVOURITE PICS OF THE WEEK!

photo 21

Credit: @adesignersmind

photo 6

Credit: @myhuntergatherer

photo 5

Credit: @adesignersmind

photo 4

Credit: @robinson_architects

photo 7

Credit: @customhomes

photo 8

Credit: @inandoutdecor

photo 9

Credit: @casacor_oficial

photo 10

Credit: @thestylephiles

photo 11

Credit: @modern.architect

photo 12

Credit: @fabiarquiteta

photo 13

Credit: @myinterior

photo 14

Credit: @robinson_architects

photo 18

Credit: @thearcagencyau

photo 15

Credit: @inform_melbourne

photo 20

Credit: @boholuxeinteriors

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Credit: @thestylephiles

photo 17

Credit: @reem_balto2

photo 19

Credit: @mb.architecture

photo 3

Credit: @loversofarchitecture

photo 2

Credit: @badrumsinspo

photo 1

Credit: @homeadore

photo 23 FUN PHOTO

Credit: onlyinbondi

 

photo 22 WORDS

Credit: @motive8co

 

HAPPY WEEKEND EVERYONE!!!

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I am a mother of 2 living in the Eastern Suburbs of Sydney. My two passions are Interior Design and Real Estate. I have been fortunate to have had the opportunity to work in both industries. I started off working in Interior Design assisting Interior Designer Darren Palmer which was amazing and a great experience. What I loved most was working with such a creative sole as Darren and having the opportunity to source and work with gorgeous products. From there I continued with my other passion in Real Estate. I am now a licenced Real Estate Agent with Raine and Horne Double Bay/Bondi Beach working within the Goldman team (Mark and Barry Goldman). As the saying goes:- "It's a beautiful thing when a career and a passion come together" So very true for me and I feel very fortunate to be doing something that I love everyday around my kids and that's also rewarding.

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