Are you ready to become an expert in the art of buying property? If you're considering a real estate investment in Perth, Western Australia, Adaptive Settlements is here to guide you through the process.
As a leading conveyance service provider in the region, we've put together a comprehensive list of questions to help you make informed decisions about your property purchase. From understanding local market trends to identifying potential areas for growth, these key questions will empower you on your journey to property ownership.
Local Area Insights:
What projects are happening in the area?
What is the suburb’s yield median, and what is the property returning?
Does the local industry have expected wage growth?
Matching Property to Demographics:
What kinds of properties match the local demographic: houses, units, townhouses, or apartments?
How many bedrooms should a property in this area have: one, two, three, four, or more?
Should it have a rumpus room and/or an alfresco entertainment area?
Should it have a single or double garage?
Should it have one, two, or three bathrooms?
Should it be single level or multiple levels?
Property Value and Profitability:
Is the value better in an old or new property in the area for maximum profit?
Would tenants pay more for a pool?
Would tenants pay more for the property to have air conditioning?
Understanding the Market:
Why do the owners want to sell?
How long has the property been on the market for?
Have they had any offers so far?
Is adding value to the property better to do now or later, and how should this be done?
Market Trends and Conditions:
What is the percentage of renters in the area?
What is the vacancy rate in the area?
If the focus is on capital growth, what makes the street, suburb, town, or city a good growth area?
Is the trend of selling property by private sale or at auction?
What are the current average days on market for a property in the area?
Negotiation and Decision-Making:
What price do you think the owners would accept?
What type of person or tenant would live here?
What is the current market rent for this type of property?
What are similar properties in the area selling for?
Property Investigation:
Is the property in a known flood zone?
Has there been property discounting occurring in the area?
What are the auction clearance rates of the area?
What is the population growth forecast in the area?
What is the neighbourhood like?
Legal and Structural Considerations:
What fixtures and fittings are part of the purchase and what aren’t?
Are there any covenants, caveats, or any regulatory impositions on the property?
Are all works done on the property permitted?
Are the foundations structurally sound?
Are there signs of internal or external damage that has been covered over?
Are there any known problems pertaining to roofing?
Is there a recent valuation or building report?
How motivated to sell is the vendor?
Does the vendor have a building report?
Market Dynamics:
Is it a buyers’ or sellers’ market?
Can I get vacant or early possession?
Will the vendor take a small or low deposit?
Final Consideration:
Is there anything I should know about the property?
Armed with these insightful questions, you'll navigate the property market with confidence. Adaptive Settlements is committed to ensuring a smooth and informed conveyancing process for your property purchase in Perth.
Feel free to contact us for personalised assistance tailored to your unique real estate journey. Happy house hunting!
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