Tips for buying real estate interstate

Are you looking to enhance your investment property holdings or considering a move to Queensland? We regularly work with existing vendors and potential home buyers who want to invest in the Brisbane market. So, if you’re considering an investment interstate, here are our top tips for buying real estate interstate:

Do your research 

Continuing border closures mean that interstate travel to look at investment property or find your new home is not permitted. So, when considering a real estate purchase, particularly in another state, be sure to do your due diligence.

Find a local agent or buyers agent who can provide you with property reports, demographic trends, rental potential, and local amenities. A good agent will understand the potential return on your investment and will also be able to identify the diamonds in the rough. Those properties that with a little TLC, could return the best bang for your buck.

We offer a bespoke service for interstate and overseas buyers wanting to invest in the Brisbane market. Our team can attend viewings of properties, negotiate with agents, provide rental appraisals and advice through our Real Estate Investment Consulation Service.

We also help our existing landlords, and potential investors take advantage of market opportunities with our Get Rental Ready program. A sure-fire way to get you great returns!

If you’d like more information about buying interstate or making the most of your existing investment, contact Katie on 0406 422 723 or email katie@habitatpropertyagents.com.au

Learn more about Get Rental Ready here.

Engage a property manager you can trust! 

Now, we don’t like to boast, but we’re known as the go-to Brisbane agent when it comes to superior property management service. Almost all of the new interstate business we receive is via word-of-mouth referral. So, our number one tip for buying interstate is to engage a property manager you can trust. Your property manager should:

o   Understand the local area and how to find tenants that will suit you and your property;

o   Know what improvements to make to ensure you get top rental dollar;

o   Stay on top of the state legistation and processes that will impact your rental property and communicate these to you when necessary;

o   Be proactive when it comes to rental increases, regular property inspections and maintenance; and,

o   Keep you in the loop at all times. You should never be chasing your property manager for information about your investment.

Know your costs and understand the local legislation

Each state will have fees and taxes applicable to property purchase and ongoing ownership, from stamp duty to land tax, title transfer fees and settlement costs. Legal requirements will also vary from state to state, so it’s essential to use an agent who understands the local market and can explain all of the costs involved.

While buying interstate might seem like a wise investment, it’s vital to understand your obligations as a landlord or property owner in the state of purchase before you sign that contract.

Got a question or need some help with your next purchase? Email us at pm@habitatpropertyagents.com.au or call on 07 3394 8254.