Buying property in Western Australia is an attractive investment option, due to the stability that real estate can provide and the potential profits it can offer.
But, as with any investment, it’s not without risks. Ensuring a safe investment requires understanding the market, and employing effective risk mitigation strategies.
So, where do you start?
Understanding the WA property market
Understanding the market trends and economic influences is key to making a sound investment.
Keep your finger on the pulse of these trends that dictate the rise and fall of property values. Stay alert when prices surge, plateau, or take a dive. These fluctuations are influenced by factors like population growth, employment rates, and infrastructure projects.
Economic indicators such as interest rates, inflation, and economic growth can also significantly impact the property market.
Evaluating property condition and location
Mitigate your risk by assessing the physical condition and location of your potential investment property. Make sure you conduct thorough structural assessments. This involves checking the building’s overall condition, looking out for signs of damage or wear and tear, and considering the cost of potential repairs.
The best course of action is getting a professional building inspector to conduct a comprehensive building inspection that identifies structural defects that impact the integrity of the building and maintenance defects to non-structural elements of the building and site.
Do you need a pre-purchase building inspection?
Our building inspectors will conduct a comprehensive building inspection to ensure you make a safe investment choice.
This might seem like an unnecessary expense now, but a building inspection can save you from costly surprises down the line. Inspectors can spot issues you might miss, from structural faults to hidden mould or pest infestations.
Another key part to consider when buying property is neighbourhood analysis. The location of your property greatly impacts its value. Examine the area’s crime statistics, access to amenities, transport links, and its potential for future development. These factors influence not only your property’s current worth but also its potential for appreciation over time.
Also read: Why a pre-purchase structural inspection is essential
Your expert building inspector in WA
Investing in WA property can be a savvy move, but it’s vital to understand the market and evaluate property conditions before making a purchase. To ensure you make a sound investment decision, contact SURE Building Inspections to conduct a thorough assessment of your potential property.
