Business Daily Media

Men's Weekly

.

5 Tips for Ensuring You Don’t buy a Dud Property

  • Written by NewsServices.com


People purchase properties because of rental payments and the gradual appreciation of the property. However, there are cases where people purchase properties that generate little to no capital growth. These properties are known as 'duds'.

Dud properties have had low performance in generating profit over the years. Profit-oriented properties can appreciate over 7% p/a and yield within the first three years, but dud properties perform under the scale.

These properties are being sold to those not properly informed about real estate. Various criteria should be considered when buying a property to help you avoid making costly mistakes, and we will highlight them in this piece.

5 Tips to help you avoid buying dud properties

These tips will help you get the best value for your money when buying properties and guarantee a great profit in future.

  1. Research

Researching the property gives insight into what you are dealing with. The client may not give detailed information about the property, and there can also be hidden clauses in the documents. This is why thorough research is needed to determine whether the property is worth the investment. Having a checklist and working with a buyers agent, such as Locate Buyers Agency, who knows what you want and helps you find a suitable property is advisable.

  1. Property location.

If you have spent considerable time in the real estate market, you must've heard the popular 'location location location' mantra, and for a good reason. The location of the property needs to be considered before purchase. How accessible is the property from different areas? How close is it to vital landmarks? Location is necessary for all types of properties, especially residential ones. In most cases, the location of the property affects the returns. If you buy a property in a crime-laden area with inaccessible roads, there is a slim chance of getting good returns on that investment.

  1. Property evaluation

A property's previous growth rate should not be overlooked if you want to make a profit. Considering that the properties are meant to yield within the space of three years at most will help avoid properties that don't meet the criterion. A look at the property's growth rate history will answer that.

  1. Maintenance cost

The worst thing that can happen is purchasing a property with high maintenance costs. If the cost of maintaining the property is higher than the cost of renovation, then it shouldn't be in consideration as instead of gaining, you will be at a loss.

  1. Hiring buyer agents

Want to make the search easy and also avoid buying dud properties? Then hiring a buyer agent is the easiest way to avoid that issue. These professionals help you find the best properties for your budget in no time. They also help find the right property in the right location, guaranteeing the desired profit. When considering buying a property, it is advisable to hire a buyer agent first.

Properties are being bought daily, but getting the one with great financial returns may not be easy. These tips will help you prevent the mistake of buying a dud property, and following them is in your best interest.

Property

Understanding the Importance of Property Valuation Services in Darwin

Introduction Darwin’s property market is known for its unique blend of residential, commercial, and rural investments. With constant changes in market demand, infrastructure development, ...

Business Daily Media - avatar Business Daily Media

5 Reasons to Hire a Building Contract Lawyer Before Your Next Construction Project in Melbourne

If you're planning to build, renovate, or develop a property in Melbourne, you might be focusing on finding the right architect, builder, or project manager. But there’s one professional mos...

Business Daily Media - avatar Business Daily Media

The Importance of Accurate Commercial Property Valuation for Business Financing

Commercial property valuation plays a pivotal role in the financial strategies of businesses seeking funding. But what exactly does it entail? Simply put, commercial property valuation i...

Business Daily Media - avatar Business Daily Media

Things To Consider When Purchasing A Rental Property

Buying real estate to use as a rental property is a wonderful investment opportunity since it is almost always going to increase in value over time. It can also be a bit daunting for the fir...

Business Daily Media - avatar Business Daily Media

pay.com.au unveils first-of-its-kind FX rewards feature, becoming the most flexible rewards solution for Aussie businesses

pay.com.au, the end-to-end payments and rewards platform, today announced the launch of International Payments, Australia’s first foreign exchange...

Yellow Canary partners with Celery to bring pre-payroll assurance technology to Australia

Wage underpayment headlines continue to put pressure on employers of all sizes, revealing how costly payroll mistakes can be for small and medium bu...

Brennan Bolsters Leadership to Accelerate Next Growth Chapter

In a move to further embed cybersecurity at the heart of its business strategy and deliver sovereign secure-by-design solutions for its customers, A...

How to Be Investable: Insights from Richelle Nicols, CEO of Pollinatr

Richelle Nicols is the CEO of Pollinatr, a pioneering investment and business development program designed to support and accelerate the growth of s...

What Can Australian SMEs Hope For in a Meeting Between Albanese and Trump?

For small and medium-sized enterprises (SMEs) in Australia, international politics might seem distant—but when leaders like Prime Minister Anthony...

Qantas to Serve Nan’s Davidson Plum Cookie

Lake Macquarie, NSW (Awabakal Country): From a single mother’s kitchen bench to supermarket shelves, Wiradjuri entrepreneur Terri-Ann “Tezzi” Dani...