Those in the know will tell you in relation to property ‘you make your money when you buy’. So what should you be looking for when making your selection? Get insights into the less obvious factors that can add huge value to your property’s potential here.
Don't skip the key decisions - home versus investment, and budget. You'll also need to do your research on recent sale and rental prices for your areas of interest, have your strategy mapped out and ideally narrowed down the style of property to a house, duplex, townhouse or unit.
So, with the fundamentals out of the way, how do you go about finding the property with the highest potential to add value? Whether you’re buying an investment property or your own home, Debra Beck-Mewing (Editor in chief of Property Portfolio) has these five top tips for recognising potential capital value. And it’s likely they are not what you were expecting.
Using these tips to find a property can significantly improve its potential to create capital (and rental) value in the future. Even if you don’t have the budget to develop your property now, considering these factors before you buy will ensure you open up plenty of options to develop the property in the future. Having a property that has scope to develop beyond just a cosmetic refresh will add significant value to you if you choose to renovate, but also to a future buyer if you decide to sell it.
Debra Beck-Mewing is the Founder and CEO of The Property Frontline. She has more than 20 years' experience in buying property Australia-wide, and is skilled in helping buyers use a range of strategies including renovating, granny flats, sub-division and development. Debra is experienced in identifying tailored opportunities, homes and sourcing properties that have multiple uses. She is a Qualified Property Investment Advisor, licensed real estate agent and also holds a Bachelor of Commerce and Master of Business. As a passionate advocate for increasing transparency in the property and wealth industries, Debra is a popular speaker on these topics. She is also an author, podcast host, Editor in Chief of Property Portfolio Magazine and participates on numerous committees including the Property Owners' Association.
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Disclaimer – This information is of a general nature only and does not constitute professional advice. We strongly recommend you seek your own professional advice in relation to your particular circumstances.