Experienced property investors have a team of experts they rely on to ensure they are purchasing the right property in the right manner. It’s important to start this process early – before you start looking for a property. Successful property investors engage with numerous professionals to guide them in the right direction.
Here are a few for you to consider:
- mortgage broker/financier
- financial planner
- accountant
- buyers agent
- building and pest inspector
- property valuer
- solicitor for conveyancing
After purchase you may also require:
- a quantity surveyor to prepare a Tax Depreciation Schedule to minimise tax on your investment property
- property manager
- insurance broker
In general, you will require these specialists in the order you see above. Be sure to order your building and pest inspection prior to arranging a property valuation. Often you will not require a valuation if a poor building and pest report is returned and therefore, you can save yourself the additional fee. Also, it’s a good idea to provide a copy of the building and pest report to the valuer so that this information can be taken into consideration.
When choosing your advisors
- Ask for referrals from family and friends
- Ask for referrals from other specialists in related industries
- Research your advisor and ask for their qualifications and length of service
- Check credentials with any relevant industry body
- Ask for a meeting or a chat over the phone to get a feeling for their style and judge if they are the right fit for you
- Ask how many clients they have assisted in a similar position to you and how they were able to assist them
- Ask for the details of previous clients who you could call
Each professional can recommend others that they are comfortable working with. This can speed up the process and it’s useful if your team can work together to help you reach your goals.
