Investing in a city other than your own ? Conveyancing Home Queensland can help ! You may be able to spread your risk, and take advantage of strong growth cycles in others states or cities. Many investors buy in their own city or state because it’s comfortable. They can easily visit the property and keep an eye on it. But what about public transport? Supply and demand ratios? Is there a wide group of people who want to live in the area – families, students, professionals, migrants – or is it a small select group who like the suburb? And what about vacancy rates?
Your area might be a desirable place to live, but if there are plenty of properties on the rental market already, you might be waiting too long in between tenancies. Investors make this huge investment decision based on their proximity to the property, rather than on evidence, facts, or research. If you limit your investment options to your own backyard, are you really setting yourself up for financial success?
Some investors tell us they like to buy in their own area because if it’s a suburb they enjoy living in, they assume others will. But is that really the best criteria on which to base your investment decisions? “I like living here, so surely a tenant will!” What about public transport? If you have a car and your tenant relies on PT, they might not find the area as convenient as you do.
What about drivers of growth? What are supply and demand ratios like? Is there a broad range of people who want to live in the area – families, students, professionals, migrants – or is it a select group who like the suburb? And what about vacancy rates? Your area might be a desirable place to live, but if there are plenty of properties on the rental market already, you might be waiting too long in between tenancies. Conveyancing Home Queensland can help with owner-occupied and investment transactions. Get a free quote now at https://conveyancinghome.com.au/instant-quotes/
