If you’re planning on purchasing property, but want to make sure you’ll gain long-term, we’ve put together some handy tips on areas to consider. It’s time to discover how to make sure you’re buying for future buyers and renters, as well as fulfilling your current needs.
Home is where the heart is
People tend to buy property from the heart – it is easy to start imagining your life in a new home and get carried away – ‘we’ll sit at the island for breakfast at weekends’ and ‘we’ve got space for the pool we’ve always dreamt of’ but remember that purchasing a house is one of the biggest things you’ll ever do, and you want to make sure it’s a good investment. Try to think about the fact that it’s not just for your lifestyle now, but for your lifestyle later down the line – this could mean aligning with potential buyers down the line, or thinking about when it comes to retirement.
Of course, we aren’t saying that you shouldn’t pick your dream home – just make sure you take a few things into consideration before making any decisions.
Don’t be put off by the term ‘investment’
You don’t need to be on your second or third property purchase for it to be labeled an investment opportunity – why not start from the very first brick laid? Whether you own a portfolio of property and want to expand, or you’re a first home buyer taking advantage of the First Home Owners Grant, you can still make sure you get long-term gains from your property.
It’s a big decision, so make it count
A home is generally the largest purchase you will ever make, so you want to make sure it’s the right decision. It’s a decision to make your hard earned money become a ‘good’ investment.
So it’s time to decide whether you want to live in the home, rent it out, or both… All of these options can make a difference to which home design you choose, and help with future gains.
Don’t be scared, be smart
Knowing what future renters and buyers will be looking for is worth having in the back of your mind when choosing a home design.
Flexibility – choose a home where rooms can be multi-purpose. One family may need an extra bedroom, another a home-office, so make sure you keep spaces neutral and they will appeal to everyone.
Finish – although you want to design a home to suit you, it is easy to add personality through furnishings, wall paper or paint colour, art work and lighting – so why not stick with natural tones and organic textures when it comes to structural features, flooring and bench tops, meaning they won’t be expensive elements to change if they are not to a buyers taste.
Outdoor vs indoor – think about your garden or alfresco too, you can easily adapt an outdoor area to offer low-maintenance upkeep while still having enough space to enjoy. Consider the percentage of time spent in and out and whether you could combine and make the best of both worlds with the clever use of sliding doors or an outdoor kitchen space.
Storage – a home can never have too much storage, so consider your laundry room, walk-in pantry and garage features carefully – it’s also a great way to keep clutter off counter tops and tucked away while you go through the selling process.
The features you might not feel necessary could be exactly what buyers are looking for. Or you might want to spend your money on a particular room of the home, when your money would be best spent elsewhere. It’s a little compromise now, for a long-term gain.
At Commodore Homes we don’t want you to pay for anything you don’t need, so all our homes come exactly as described. We don’t tag on features for an extra cost, or throw in additions for a fee.
Location – future plans, transport, schools and amenities…
If you want a property that will increase in value – this is usually down to location.
Do your research – consider what homes sell for in the area, future plans for the suburb and surrounds, make yourself familiar with a location and whether it would appeal to you or a different demographic.
Make sure you choose a home design that suits the demographic of the area. Are you buying near a University or School? Does the land have potential for a large backyard? Is it situated on a quiet street or busy main road? There are lots of elements that will point towards who your block will appeal to. You might have found an ideas space for mums, families, couples, students, whichever it is, think about the lifestyle they’ll be searching for and how your home can accommodate.
Investing in your future
Buying an investment property should be about financial gain and future security. We’re not talking about an instant road to riches, but you want to make sure you aren’t losing from your purchase. The cost of owning an investment property doesn’t need to be high. Especially when you consider rental income and tax deductions.
So whether you’ve always dreamt of owning an investment property, or you simply want to get the most bang for your buck when it comes to your first home – make sure you follow these tips to ensure your purchase is a wise one.