June 22, 2017

5 Tips for Buying a House Interstate

You are ready to take the next step and purchase an investment home. You might know people who are making a healthy profit from their own investment home, or you have done your research and this will be the best option for you to make a little extra holiday money each year.

Either way, you are ready to begin your search. Often when thinking of buying a house we typically look to purchase within our own state and close to where we currently live. We already know the area and are comfortable – and best of all, if it’s an investment home it’s not too far away.

However, buying a house interstate shouldn’t be discounted solely based on distance from your main residence.

Buying a house interstate doesn’t have to be a hair-pulling ordeal. If you take the time and effort to research and go through the process correctly, buying a house interstate can be just as smooth as purchasing one close to home.

If you are looking to purchase interstate, here are 4 tips to help the processes run more smoothly:

  1. Do the maths on your new house location
    Just as you would with any other major life decision, make sure you have run the numbers beforehand. Different states have their own unique set of fees and taxes you must be aware of. This may change the actual amount you have to invest with.
  2. Research the area online
    A more thorough search online will show you which areas are set for growth, where plans for improvements are set to take place, and local council information. All this before you even visit the area in person.
  3. Visit the area in person
    Research online is a great way for you to get a birds-eye view of the surrounding area. But nothing can replace a visit in person. You can get a feel for the locations that would best suit your needs, wants, and price range.
  4. Find a local agent or property manager (one you can trust)
    If you are using this as an investment home, you need to have someone local who you can call upon to take care of the property. You can’t always fly out to check on the property, so do your research ahead of time. This way you won’t lose your hard-earned investment money due to poor property management.
  5. Find a local lawyer (one you know you can trust and has the necessary experience)
    A local lawyer with local knowledge and experience can be of great assistance to you. The lawyer might well know the local personalities who might be involved in your purchase and will also know of any local issues (such as flooding, plans to upgrade roads and the availability of amenities such as shopping centres, schools and the like). All of this information will be valuable in underpinning your investment. If things go wrong then you want an experienced lawyer to fight for you – not just to give up because it is all too hard.

Buying a house interstate is a great way to invest and capitalise on high growth areas, wherever they take place. It is vital, however, that you do your homework and research before you even begin looking for a home so you are well informed of the differences between each state.