Today I am discussing all the things you should be looking for when purchasing an investment property.

It is important to look for a property with desirable qualities, as this is going to assist you in the long run with aspects such as how long it takes to fill the home, how much rent you can get per week, and the quality of tenant you attract.

The location of the property is important, properties within close proximity to town and main areas such as schools and facilities are desirable.

It is also helpful to consider the condition and quality of the property, purchasing a property that will continuously require work and problems is not ideal for any investor.

Tenants often desire a more modern and comfortable home, sometimes this may be a minor face lift to the home.

Another area to focus on is the neighbourhood, as this will sometimes affect the type of tenants that you do attract.

It is crucial to do your sums beforehand, as cash flow is always king when aiming to ensure an adequate return on investment.

Once you have selected the perfect investment home, it is time to choose a property management team that will provide you peace of mind and security. After all, you want your property to be in the best managing hands.

For more information regarding our property management services, feel free to contact us at Century 21 Central West.

A good property manager can help increase the value of your investment property and make sure you are achieving a consistently good rental yield or return. Here are some important qualities you should look for:

1. Strict leasing procedures, including stringent tenant selection, consistently achieving the best rental rate, and planning annual rent reviews in advance.

2. Proactive habits around repairs and maintenance, like performing regular routine inspections for to address necessary repairs/maintenance.

3. Thorough knowledge of current legislation is essential. It is important to ensure your property manager is always up to date! As part of the Century 21 franchise, we are exposed to a multitude of property management training. We are also members of the REI, and attend the annual REI roadshow.

4. Clear and concise communication is also key. How easy is it to speak to your property manager? Can you reach them after hours? Do they return your calls promptly? Are their routine inspection reports thorough enough and do you receive photos with your report? Are your statements delivered promptly? Do you have an efficient landlord portal that you can login to and have all your important info when required?

Here at Century 21 Central West we strongly believe that we deliver on all of these points and provide the most reliable and honest service. If you are unhappy with your current service, please do not hesitate to contact us today to discuss how we can help you.

When an offer to purchase a property is accepted by the seller, it is generally referred to as ‘under offer’. This means that the agreement on price, terms and conditions has been reached, however the seller and buyer still need to sign the contracts and exchange.

Depending on various terms and conditions agreed upon during the negotiation phase, it can take several days to progress from the offer being accepted to the contracts being exchanged.

During this time the buyer or the seller may withdraw from the agreement.

In NSW two identical contracts are prepared – one is signed by the seller, the other by the buyer. Solicitors or conveyancers will exchange the contracts, however if the property is sold on auction the real estate agent usually exchanges contracts.

After the contracts have been exchanged, it is referred to as ‘under contract’. With a private treaty sale, the buyer has a five-day cooling off period. However, the buyer would be required to pay the seller 0.25% of the purchase price as a penalty for withdrawing from the sale.

Auction properties do not have cooling off periods. If a property is sold prior to auction, or on auction day, the buyer must complete the purchase or risk losing their 10% deposit.

Most agents put the Sold sticker on after contracts have exchanged and the cooling off period has expired.

When the property transaction is completed, which is commonly 42 days after exchange, it is referred to as settlement and the new owner takes possession of the property!