How to use property reports when researching your next property purchase
When you’re buying a home you want to get the best possible deal. You know that to understand the current market you need to research property prices but where do you find that kind of information? Here’s our easy explanation of how property reports can help you research your local property market.
Once you’ve done your preliminary research on the area you’d like to buy into, you’ll need information on specific properties. Property reports provide the following information:
Property reports generally provide you with the number of bathrooms and bedrooms as well as the land size and floor area of your potential purchase. Other useful information may include zone descriptions and the age of the property.
Sales and rental history
This kind of information is useful whether you plan to live in the house or use it as an investment. You’ll get information on how long the property has been on the market and any changes to the listed price during that time as well as information about how much it was previously sold or rented for. Other useful information may include the sale information of similar nearby properties which can be useful for comparative purposes.
If the property isn’t currently for sale you’ll be given the last known sales price. If it is for sale you’ll be given the current listed price. Importantly, it also gives you an estimated price range which helps you determine if the listed price is in accordance with the current local housing market. Note that this isn’t a valuation or appraisal. If that’s what you’re after, you’ll need to hire a professional.
Capital growth figures are important figures to factor into your short and long-term plans. Both suburb and property reports provide you with an indication of the long and short term trends in the area but you should speak with a real estate agent for more detailed information.
Tomorrow Finance has lots of useful information on the housing market and purchasing property here.