The following is a checklist that should be addressed, when on the lookout for your dream home or investment property:
- Buying the worst house in the best street is fine for someone that possesses good renovation skills, but please make sure that the outlay to repair and renovate does not exceed that capital that you could get back when selling. Also understand that a lot of inconvenience is caused during renovations which can cause stress in relationships, and be ready to add another 25% to your original renovation costs, and another four to six weeks for lost time in regards to weather, council approval etc. It's a lot of work! But if you have the financial capacity and time to make it happen, then the reward can be great!
- Look for improving areas that offer good city access, amenities and facilities. Areas that are being upgraded such as the establishment of new parks and gardens, international hotels or office parks, or maybe even a new freeway which will offer quick and viable access to an up and coming area. The local council can offer information outlining future plans for the area, but local knowledge can be a big plus and sometimes a lot more to the point. Have a chat to neighbours or shopkeepers in the area.
- Avoid buying in areas that are near a flight path, industrial activity, noisy sports grounds and anything else that might initially discourage you from buying in that area. Remember if it is an investment property always say to yourself before you buy, if we had to live in this property for whatever reason could, we do it? If not, don't buy it and most importantly, purchase properties that are going to offer good capital gain and are easy to sell quickly if you needed to.
- And last of all never be rushed into any purchase, let alone probably the biggest one you will every make. Complete your investigations and due dilligence thoroughly, feel comfortable with your results and proceed with confidence that you will get exactly what you want and for the price you want to pay.
For further information or independent advice on a property, please contact our team today on 02 9960 1066 or enquiries@pkproperty.com.au.