Better buying with Buyer Solutions

By Janet Spencer

This week we bought an investment property for a client to go in their SMSF.

As diligent property hunters we hunt all over Melbourne for the right asset.  This property must pass our rigorous asset selection criteria before we would buy it.  Numerous properties fail.

Just a few examples are:

Too far from public transport.
In a bush fire zone.
Bedrooms / living spaces too small.
Very loud barking dog next door.
Difficult access to parking / poor turning circle

Even if our asset selection criteria are met, many properties fail at our due diligence phase, so we don’t buy them.

Just a few examples are:

Plans at Council for a big development next door.
Flood prone property.
Terrible body corporate.
Litigation.

So not only are we critical of the property we are critical of the areas we buy in.  Buyer Solutions strategically targets certain locations for clients and shops in more than one suburb at time.

For this most recent purchase, Buyer Solutions shopped in the South, the North and the East of Melbourne.  Before we bought, we looked at multiple properties in over 14 suburbs covering most of Melbourne’s suburbs in the 10 to 20 km radius from Melbourne.  One trip from the south to the north would have been over 75 kilometres.

Why do we cover so much territory?  To look at multiple opportunities, pick only the best and buy those.

So last weekend we paid $563,000 for a unit with 3 beds, one bath and a garage and good north facing outdoor space and it was a private sale.  Our “Plan B” property sold at auction the day after we bought.  It was quoted at $500,000 to $550,000 and sold at auction for $660,000.  Our client is totally happy with our guidance and with the purchase he has made.  Just for the record, we wouldn’t have paid $660,000 for the property at auction anyway.  We would have had a lower limit.

For independent advice on buying or selling real estate, contact Janet Spencer at Buyer Solutions +61 3 9816 8555 or email jspencer@buyersolutions.com.au

Buyers Agent, Investment property, Overseas Buyers, Selection a Buyers Agent

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