5 Key People To Ask for Real Estate Investment Advice
In a world where generic real estate queries are just one Google search away, it’s nice to know that there are still people out there who can give you personalised real estate investment advice.
Before buying any property, you need to be well-informed about your personal options. Your financial capacity, the property’s investment potential, among others.
I’ve listed five essential people you should seek advice from before making a property investment:
Financial Advisor
Your financial advisor is the first person you should go to if you’re in the early stages of a possible property investment. Before you start looking for properties, it’s important to know if you can afford it or not, given your financial status.
You can ask your financial advisor for real estate investment advice, which means helping you work out the numbers: factoring in all your assets, including incomes and work out your expenses. This will give you an idea how much cash you have available to invest.
But not having enough cash doesn’t immediately mean you can’t afford to invest. If you’ve been working for a while in a stable company with a reasonably good paying job, it shouldn’t be a problem getting a loan.
Building Inspector
Once you and your buyers agent have found a suitable property for your needs, it’s wise to check it out during an open house, with a building inspector by your side.
A qualified building inspector can give you real estate investment advice if the property you are thinking of buying is in good condition, or if you might need to do some significant repairs in the future. A good home designer can also fulfill the same role with the added benefit that he or she can advise how feasible or prohibitive a renovation may be.
The current state of the property you’re trying to buy will greatly affect the final selling price. Your inspector can tell you if it’s worth buying given its condition or if you’re better off getting other properties.
If you’re serious about buying the property, it’s good to be thorough and conduct a few simple maintenance checks. It can often make the difference between buying your dream house and stepping into a costly nightmare.
Mortgage Broker
Before you start checking out properties, it is wise to get real estate advice from a lender or mortgage broker and see if you can get pre-approved for a property investment loan. Alternatively, you can see a broker first before applying for a pre-approval if you’re not sure you’re financially ready to invest.
Lenders will check if you can qualify for a loan based on your financial standing and credit history. If you qualify for a mortgage, you will get an idea how much your limit is when looking for a property to buy. It will save time rather than choosing a property and finding out you’re not qualified for a loan.
Buyers Agent
Finding and buying properties can be complex and stressful—which is why asking a buyer agent for real estate investment advice can make all the difference.
As a buyers agent, I assist home buyers every step of the way – from finding the right property to negotiating the offer to connecting you to lenders and lawyers – until you finalise the property purchase. I will guide you through the home-buying transaction and be at your disposal for any questions or concerns.
Often, buyers agents are crucial in helping you save you tons of time and money on the road to your property investment.
Lawyer
Getting real estate investment from a lawyer can help you maximise your profits and minimise your risks.
Real estate investment attorneys can provide assistance on property tax negotiations, survey and usage restrictions for future property uses, title commitment review and the resolution of title exceptions during the purchase or sale of a property. A lawyer is crucial for liability protection and insurance policy review and advisement.
Property investment is a good way to secure your financial future, but don’t dive in until you’ve sought real estate advice from these five key people in the industry. If you are in the market for a property investment in Sydney’s eastern suburbs, contact me for personalised advice.
