There is a wide range of FREE information available to all home buyers and investors – so long as you know where to look
Whether you are looking to purchase a new home or your next investment property, sound research should always be your first point of call.
Traditional methods of research such as websites, magazines, news reports and company announcements are always a good place to start.
The nitty gritty statistical research can go a long way in helping you identify trends and possible investment opportunities.
However, those not familiar with number crunching can quickly find themselves facing “analysis paralysis” and miss out on an opportunity all together.
While the importance of traditional research methods cannot be overlooked, there are some clever alternative methods that could really kick-start your property hunt.
If you really want to gain an edge in the market, you may need to hit the road and get out there and speak to local residents, and observe the local area.
Ask neighbours how they feel about the area and how long they have lived there. You may be able to find out why the seller is moving, or of any developments that might be in the works.
As the fundamentals of smart property investing remain the same; type, location and demographics – there are a few things you should look to discover when chatting to the locals.
Infrastructure and development
Major council developments and infrastructure projects may seem like a good thing at first glance, but it is important to determine whether this is proactive or reactive work.
A big infrastructure boom in the area may not mean it is prime for investment - the growth may have already occurred and infrastructure is just catching up.
First impressions matter
Whether you are looking for a primary place of residence or a new investment property, the local demographics of the area are sure to sway your decision.
Be sure to observe the locals; note how they dress, the quality of their vehicles and their ‘community feel’.
Synthetic street appeal should also be noted. What kind of architecture surrounds the suburb, do the owners take pride in the appearance of their property?
This could identify the demographics of the potential renters and the capacity for rental increases in the future.
This may also reveal whether the area battles a high crime rate or social problems.
Some final pointers
Local real estate agents and property professionals are a great source of insider knowledge – much of which you wouldn’t discover alone.
Remember; property investment isn’t rocket science but it does take a bit of research. If you can think outside the box and use information others can’t find, or don’t spend the time finding, you will be ahead of the pack every time.
