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Buying interstate noob

Discussion in 'The Buying & Selling Process' started by JMica, 28th Jun, 2015.

  1. JMica

    JMica Well-Known Member

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    Sydney
    Hi,

    Can someone give me a rough estimate for Buyers Agents fees?

    Also is there a website that tells you the median costs of council rates in a certain area?

    With the Syd boom, I'm thinking of spreading my wings to either Brisbane or Melbs...

    Has anyone ever bought, without actually sighting the property? Is this too high risk?

    Thanks in advance !
     
  2. Be Developer

    Be Developer Property Developer Business Member

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    @JMica

    Most BA charges around $10-$12K

    Realestate.com.au should have median price for most suburbs.

    I bought most of sites unseen but i did enough Due Diligence before making a move!
     
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  3. D.T.

    D.T. Adelaide Property Manager Business Member

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    About 3 of mine i bought unseen. I've still yet to go inside them (have driven past) and owned those ones about a year.
     
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  4. Azazel

    Azazel Well-Known Member

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    Most of your research you do on the PC. Seeing it in person gives me an idea of what might need doing eventually, but as a non-tradie, what am I going to pick up that a thorough Building and Pest inspection won't?
    I've bought one without seeing it, would do it again.
    I've also had friends/relos look at houses for me. They start to tell you what you're not interested in ;)
     
  5. Steven Ryan

    Steven Ryan Mortgage Broker Business Plus Member

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    Why not fly up/down for a weekend @JMica ? Do some on-ground research before making a decision about using a BA or not. You'll know which way you'll want to go after that, I reckon.

    IMO, BAs can be great value if you're time poor.

    As for council rates, I just grab them from a comparable listing in the same suburb.
     
  6. JMica

    JMica Well-Known Member

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    Thanks guys, I thought that if I do thourough research that would be enough, just wanted to make sure it was not a big no no !

    Like @Azazel said I wouldn't even know what I'm looking at and the building report should raise any alarm bells!

    @Steven Ryan yes should definitely do some trips, but currently 8 months pregnant, so no plans to go anywhere far with a newborn and a toddler any time soon !!
     
  7. Be Developer

    Be Developer Property Developer Business Member

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    @JMica

    In that case...use good BA.

    I know friend of mine (SS member) recently used BA in Brisbane and she was really happy with services.

    Feel free to PM and I will email you her details.
     
  8. lazyboy

    lazyboy New Member

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    @Be Developer

    Can i also get the brisbane BA details if you dont mind?. I'm also looking for a BA to purchase in Brisbane.

    Regards
    Loi
     
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  9. JMica

    JMica Well-Known Member

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    @Be Developer yes please def also interested in the Brisbane BA details.
     
  10. Be Developer

    Be Developer Property Developer Business Member

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    @JMica and @lazyboy

    willl pm you shortly, awaiting details from friend.

    P.s who PMed me, we focus on development sites only.. happy to pass on BA details for purchase of homes, IP, etc.
     
  11. Investig8

    Investig8 Well-Known Member

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    Your commitment to quality due diligence first and foremost for all things related to property investing is the key to understanding if you have or have not selected the right service to pay for, to assist your strategy moving forward.
     
  12. DanW

    DanW Well-Known Member

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    We've bought quite a few site unseen, but only after several weeks going to opens. By the time we offered unseen we knew the market.

    Also the PM views them, and other due diligence is done. Offer subject to inspection and finance.
     
  13. Big Red

    Big Red Well-Known Member

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    Having a BA is great however you should still do your own DD.
     
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  14. Simon L

    Simon L Investment Property Buyers Agent Business Member

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    7 properties bought sight unseen so far. Most were decisions made an hour before auction. Definitely helps to keep it numbers based and not umm and ahh over small cosmetic defects!

    Key is to build a trusted team including agents, property manager, tradespeople etc. who will help with the DD. In my experience, the biggest help has been the selling agent provided you have a good relationship with them. If they know you are after a quick, no fuss sale, they will tell you all the bad things about the property from the get go, and if you snag a property at the right price, a small intial outlay for cosmetic stuff is just a cost of doing business.

    In regards to BA, the service they provide will completely outweigh the cost of the service whether its $5k or $20k. I've come across some who just send you a link and leave you to your own devices (strangely these are the ones who charge at the higher end of the spectrum), and there are some who will do all the necessary research on your behalf and hold your hand through each step, even after settlement when its time to reno or get insurance, PM's sorted etc.
     
  15. MTR

    MTR Well-Known Member Premium Member

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    I have purchased 14 sight unseen, and only one of these was a dud which I offloaded the year later. If you can fly over to view the property that would be great. Its also a timing thing, if the market is hot sometimes you must make a quick decision otherwise your competition may get in before you.

    The alternative is find a good BA and make sure you understand the market you are playing in and have facts to verify claims, ie history of rental returns etc.

    MTR:)
     
  16. C-mac

    C-mac Well-Known Member

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    I've done two sight-unseen, but in later years actually went and saw them later on. I don't regret doing this, I'd do it again. You fiercely need to have all of your 'digital' sighting ducks in a line, though!