I am looking for an investment property ( to rent it out) and can get loan up to $600K. I have been observing real estate market (Werribee & Wyndham area Melbourne) and have questions around buying established property.
1)What are the questions that I should be asking real estate agent when I inspect property?
2) Things to consider when buying established property
Just out of curiosity, does the seller get charged for auctions?
TIA
True.
Ask yourself first …. why do you want to buy investment property in that area?
1) Doesn't matter. Their replies are worthless and usually half truths or straight out lies, depending on the question.
2) Everything, depending on your individual circumstances.
And yes, of course the seller pays fees.
Thanks
Is it worth having an inspector to inspect property prior to purchasing ?
What do you think?
Should you spend a few hundred dollars making sure the house isn't falling down, before buying something worth hundreds of thousands?
Nah.. no need
More likely you get a copy paste report with a few pics they took in the brief time they had access to the property with the agent, then a whole heap of conditions saying they aren't responsible if anything isnt right because they couldn't get access blah blah blah.
Thanks
I have googled it but I am not a first home buyer.
I am looking to buy established for first time
Yes inspector is must but if my bid is approved and inspector thinks that property requires more work then can I withdraw my bid?
but I am not a first home buyer.
Maybe ask your solicitor or conveyancer, what typical you should know?
You're asking questions that a first home buyer would ask. As in, you have no idea about buying a house. Which is fine. We all don't know everything. But when your opening question is "what do i ask about this", it clearly shows you have done zero research and want to be spoon fed.
I believe buying a land and building a house is different to buying a house built 30 years ago.
Totally different process
Ask the agent if they underquote.
Then report back here.
They do. Which is the worst thing wasting time . Last auction I went to the bid was in range between 500k to 550k and the owner changed reserve price to 600k !!
Ask the questions over email or mail. Bet the agent will insist on calling you and get angry if you won't do calls. Or maybe you will get half answers.
I'm tempted to try this myself.
Haha well I will give it a go.
You should get a building inspection but in most cases you wont be able too
People who have never purchased a house wont understand why but then you actually get into the race of property purchasing you understand that paying $600~ for every property you might purchase is a sure way to destroy your savings
Appreciate this
It is like a loop
If I go for non auction properties thn these are something where I will be fixing stuff which I don't want to so even if I get inspector get a house in budget I'll be spending later
If I go for auction house either it's underquoted so goes above budget or owner changes reserve so if I take inspector with me I am sure there will be a charge
Obviously you haven’t been doing much research