Friday, October 24, 2008

Research and research again

Whether it's your home or your investment property, research is key to making a good buy and there are lots of ways to find out if you are paying above, right on, or below market value.

Don't be fooled by cosmetics in a house - if it's the best house on the worst street in your chosen suburb, it's got a huge chance of not being worth what you are paying for, and in some places, a greater chance of being damaged by the locals.

Remember the rule: it should be the worst house on the best street. That way, if you're not afraid to get your hands dirty (and for some reason, so many people are these days!), and of course if the house is sound (unless you plan to knock it down), you have the chance to value add.

For those wanting to find out more about values in the area they're looking, and avoid a rip-off, here's a great article on places you can look: Less Emotion Better Value

Again, it's Australia-centric, but it should give you ideas for where to look in your own country as well!