Where to look for property investment advice

Given that buying an investment property is such a big financial commitment, it can be worth engaging some professional advice to help you make the best decisions. So what help is available?

Many people will take a do-it-yourself approach to property investment and research, buy and manage a property themselves. But there are professionals available to help you through the process and to secure the best outcome for your situation.

Here are some different types of property investment advisors you might like to consider.

Buyer’s agents

Finding the right investment property can be incredibly time consuming and stressful but you can engage a buyer’s agent to complete all of the leg work for you. This can include the necessary market research, inspection of properties and the negotiation of the acquisition of the property. A good buyer’s agent works in your best interests, unlike a selling agent which is obliged to secure the best deal for the seller.

It’s important to understand the difference between a good buyer’s agent and a property spruiker. Typically, a good buyer’s agent will consider your investment goals and financial position when recommending which property to buy. They will also work on a fee-for-service model, meaning you’ll have to pay for their advice. Alternatively, a property spruiker may not charge you much, if anything, and have a stock list of properties ready to buy.

Home Finance Managers

A Home Finance Manager will be able to give you an understanding of your financial situation, borrowing power and any fees you need to plan for when buying an investment property. You’ll also be able to apply for a home loan pre-approval, which can put you in a superior position against other potential buyers when making an offer to purchase a property. When buying a property through auction, a pre-approval may also be necessary in order to bid.

Property managers

Some people choose to self-manage their investment property to save money, however a good property manager has many advantages. Firstly, you’ll be able to spend more of your spare time with your family, friends or on your hobbies, instead of having to deal with tenant requests, such as maintenance issues, or completing property inspections.

Secondly, a good property manager may be able to identify quality tenants who are more likely to pay rent on time and take care of the property. Some tenants that have been black-listed by the property management industry will proactively seek out self-managed properties as they’re aware that the screening process and management may not be as thorough.

Choose your advisors wisely

When engaging professional help, it’s important to remember that the quality of service will vary from company to company. Therefore, you should engage companies that are highly-regarded, credible and have a good track record of helping their clients.

Speak to a Bankwest Home Finance Manager today to find out more about your financial situation and borrowing power.

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