Online property management software for landlords in Australia

Many investors are hesitant about buying property interstate because they’re uncertain about buying a property without both seeing it first, and also being able to revisit when they like.

Sure, you should never buy a property without seeing it first, but that doesn’t mean it needs to be you, the investor, who personally does that.

This is another task that could and should be passed onto your local and experienced buyer’s agent.

Your buyer’s agent is representing you, should understand exactly what you’re after, and also know the local markets well enough to know what to look out for, so why not let them do the leg work for you?

So long as you’ve done adequate research and checks on the property and a representative has personally visited, there is no reason for you to take the trip interstate to do the same.

Top tips to help you buy property interstate

The principles of buying interstate residential property are much the same as buying locally although there are additional matters to consider.

Here are my top nine tips and hints to help you buy a house out of state.

Invest with your head, not your heart
Have a long-term investment strategy
Only look at properties in investment-grade locations that outperform the averages with regards to capital growth over the long term.
Look for the right property, at the right price, and in the right location
Do your research and due diligence on the area (historical prices, rental yields, development plans, and particularly employment opportunities, population growth, and infrastructure development).
Hire alocalbuyer’s agent with comprehensive local market knowledge and experience
Don’t be afraid to buy sight unseen as long as your buyer’s agent has provided you with plenty of photos, videos, and due diligence material
Don’t rush – timeinthe market is more important than getting the timing right.
Make sure you do the math – fromstamp dutytoland taxstructures (these will differ in each state) and any other cost of ownership, it’s important to be on top of the numbers.