{"id":7181,"date":"2016-02-29T01:00:46","date_gmt":"2016-02-28T14:00:46","guid":{"rendered":"http:\/\/realestatetalk.com.au\/?p=7181"},"modified":"2016-02-29T01:00:46","modified_gmt":"2016-02-28T14:00:46","slug":"do-you-really-have-to-know-the-area","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/do-you-really-have-to-know-the-area\/","title":{"rendered":"Do you really have to know the area? – Jane Slack-Smith"},"content":{"rendered":"

 
\nInvesting where you live because you are comfortable with that location, you know the facilities and what is going on, sounds all fine but as Jane Slack-Smith\u00a0<\/strong>from YourPropertySuccess.com.au\u00a0will point out there are some shortcomings that may not be that evident.
\n <\/p>\n

Transcript:<\/strong><\/h4>\n

Kevin:<\/b>\u00a0 There\u2019s always debate about how much knowledge you need to have about a property if it\u2019s going to become a good investment and whether you really need to personally know the area intimately. I guess with the Internet nowadays, so many things can be done at arm\u2019s length, but is that such a good idea if you\u2019re a property investor?
\nI\u2019m going to talk to Jane Slack-Smith now from YourPropertySuccess.com.au.
\nHi, Jane.
\nJane:<\/b>\u00a0 Hi, Kevin.
\nKevin:<\/b>\u00a0 Nice to be talking to you again. Jane, your view on this? Do you really have to know the area?
\nJane:\u00a0 <\/b>I think there are two sides to this story. I speak to people all the time who say they\u2019re going to invest where they live because they know the area so well, and when I ask them a few quick questions about how well they know the area, like what\u2019s the median price, what\u2019s the percentage of renters and therefore, what is the vacancy rate, and just general conversational questions that I\u2019d ask any investor, they can\u2019t answer those questions.
\nIf I flip that to your question, which is do you need to know an area well, I think you need to know it well but as you pointed out, you can get a lot of that information off the Internet.
\nKevin:<\/b>\u00a0 Yes, I think there are two things here. You need to know if you\u2019re going to live there and live there with your family, but maybe you need to know it differently if you\u2019re looking it as an investment. There are certain other things that you need to touch on if it\u2019s an investment property.
\nJane:<\/b>\u00a0 Absolutely. As an investment, what you need to know about an area is completely different to if you\u2019re a homeowner, as you pointed out. It\u2019s not about lifestyle choices that you might make for yourself; it\u2019s about is that property going to make you money as an investor? The key criteria changes.
\nWe want to know who is the typical type of person for the area, which means we need to understand the demographics. We understand what\u2019s the typical type of property so that we can actually find a property that suits the majority of people who want to rent in that area. As an investor, that\u2019s what you\u2019re after usually, the long-term investment.
\nHowever, I do think that you do have to visit the area before you purchase.
\nKevin:<\/b>\u00a0 Let\u2019s talk about that. When you do visit the area, give us some tips on how you should be looking at it, because obviously, you\u2019re going to visit it. You won\u2019t be living there, so therefore how do we assess it\u2019s suitability as an investment?
\nJane:<\/b>\u00a0 You can pick up 80% to 90% of an area\u2019s information from the Internet. Things that I like to understand are is there a good area of town or a bad area of town? You can pick that up through real estate agents\u2019 descriptions of \u201cIt\u2019s in the golden triangle\u201d or \u201cIt\u2019s on the right side of Parramatta Road\u201d for instance.
\nBut when we\u2019re talking about actually visiting feet on ground, it\u2019s about walking around the area at different times of the night and day, calling into the local shops, having a chat to the pharmacist or the newsagent, and just getting a feel for what that area is like \u2013 looking at how well-kept the streets are, the type of cars that are in the garages, getting a feel for are kids running around happily in the park or is everything locked up at 6:00 and the locks are on the doors?
\nKevin:<\/b>\u00a0 That\u2019s such good advice. I think, too, walking around the area, do it at different times of the day. Do it, not at sun-up, but certainly in the morning, do it at night, just to get a feel for what does happen in the area. What do people do in the area? How do they live there?
\nJane:<\/b>\u00a0 Absolutely. Even simple things \u2013 like I know real estate agents who know that there might be specific traffic noise associated with a nearby industrial site or even airport noise will coordinate the open for inspections at the time of days when that noise isn\u2019t there. Then all of a sudden, someone is shocked by the fact that they bought behind a quarry, for instance. Walking around and getting a feel at different times of day I think is really important.
\nKevin:<\/b>\u00a0 Indeed. Any other tips you\u2019d like to give us in terms of understanding the area? What are the key things that you look for when you\u2019re assessing an area?
\nJane:<\/b>\u00a0 I\u2019m a long-term buy-and-hold investor, so I\u2019m looking for proof that the area has been popular in the past. I\u2019m looking at past capital growth and the fact that there has been some interest in the area. But I\u2019m also looking at anticipation of the growth in the future because I want my investment to grow in value.
\nI want an economy that is stimulated. I want a multi-economy, so I want to have different interest groups or industries in that area. I\u2019m also looking at population growth and I\u2019m looking at income growth. I want an area that\u2019s moving ahead, which means that in the future, people can afford more for the property that I have.
\nKevin:<\/b>\u00a0 Jane Slack-Smith, always great talking to you. Jane, of course, from YourPropertySuccess.com.au.
\nJane, all the best and thanks for your time.
\nJane:<\/b>\u00a0 Thanks, Kevin.<\/p>\n","protected":false},"excerpt":{"rendered":"

  Investing where you live because you are comfortable with that location, you know the facilities and what is going on, sounds all fine but as Jane Slack-Smith\u00a0from YourPropertySuccess.com.au\u00a0will point out there are some shortcomings that may not be that evident.   Transcript: Kevin:\u00a0 There\u2019s…<\/p>\n","protected":false},"author":176692471,"featured_media":7185,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[32,36,17],"tags":[101],"class_list":["post-7181","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-buying-a-property-topic","category-property-investment-topic","category-property-investment","tag-podcast"],"yoast_head":"\nDo you really have to know the area? - Jane Slack-Smith - Realty Talk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/channels.realty.com.au\/realtytalk\/do-you-really-have-to-know-the-area\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Do you really have to know the area? 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