Here are just a few things that I have recently considered and overcome/tried to overcome when looking at interstate, obviously these are on top of any due diligence or hurdles when faced in buying a property in your local area (resi property)
1. Photos can be very deceptive: can make things appear smaller/bigger/better/newer/older. However, not taking photos of a particular problem is a problem
2. Who can you trust? Unless you have family/friends there, you've only got the agents word ( and we all know that agents never lie)
3. Proximity: since you are miles away, its not easy just to drive down there for a look, or to respond to a problem. Nor is getting a feel for the area. There are some things that no matter how much research you've done, someone living there for 12 months will know that you will not
4. Trends: the area may be in decline for whatever reason, however, googleing may not be enough eg plans for a sewerage planet or tearing down a shopping centre etc. etc.
5. Finding a good property manager: obviously nobody is going to post bad thigns about yourself so how do you find a good PM?
6. Higher costs: eg you will need to hire more people to assist you in doing due diligence or pre sales inspections etc.
1. Photos can be very deceptive: can make things appear smaller/bigger/better/newer/older. However, not taking photos of a particular problem is a problem
2. Who can you trust? Unless you have family/friends there, you've only got the agents word ( and we all know that agents never lie)
3. Proximity: since you are miles away, its not easy just to drive down there for a look, or to respond to a problem. Nor is getting a feel for the area. There are some things that no matter how much research you've done, someone living there for 12 months will know that you will not
4. Trends: the area may be in decline for whatever reason, however, googleing may not be enough eg plans for a sewerage planet or tearing down a shopping centre etc. etc.
5. Finding a good property manager: obviously nobody is going to post bad thigns about yourself so how do you find a good PM?
6. Higher costs: eg you will need to hire more people to assist you in doing due diligence or pre sales inspections etc.