Real Estate

When you’re buying into investment property in Australia, it’s easy to get sucked in by talk of hot spots and purchase in an area that has already peaked in price, meaning you don’t get best possible returns on your money. By keeping the points below in mind, you can buy into a new home and feel much more comfortable about the price performance into the future.

Signs of a Growth Suburb

Tips on picking the best growth suburbs for your next property investment

Booming Boutiques

When you’re buying into investment property in Australia, it’s easy to get sucked in by talk of hot spots and purchase in an area that has already peaked in price, meaning you don’t get best possible returns on your money. By keeping the points below in mind, you can buy into a new home and feel much more comfortable about the price performance into the future.

One early indicator that a suburb is on the way to gentrification is more and more upmarket shops opening up nearby. If a local vintage store is replaced by a boutique fashion store, or a notable local hairdressing salon decides to relocate to a new area, it can mean people with more money to spend are demanding new amenities in the area. New cafes will begin pop up around the corner, and you’ll see the median prices bump up as the suburb becomes more popular and appealing for buyers. By keeping a keen eye on where these stores are appearing, you can get in ahead of the price curve.

Following the Young Crew

Often, people who have rented in one place for a long time will seek to buy a home in the same area when it comes time to purchase a home. There is a lot of comfort in the familiar, and this can be an indicator of where you should buy investment property down the line. If a neighbourhood is largely populated with people in their late 20s or early 30s of the young professional mould, it can suggest this will become a growth area as they become first home buyers in the same neighbourhood. You reap the rewards of buying early in a booming family suburb if you identify these potential hotspots early on. We buy houses Oak Park

Don’t Get Chained Down

Have you ever walked around a suburb, loved the look of it as an investment paradise and then run into a large international chain coffee or food store? It may be best to look elsewhere in this case. By the time these stores set up shop in an area, it is generally accepted as an established hotspot, and has run through a lot of the price growth it is likely to experience.

ABS figures show the current housing market prices are increasing right across the nation. Doing your research and picking the right growth area for investment is key to earning the fastest and most effective gains.

While the kitchen is one of the most important rooms to get right in a renovation, no investor wants to accidentally blow their budget in the quest for a perfect kitchen. Here are an expert renovators top five creative tips to save money in the kitchen.

Tips for Property Investors on How To Save Money in The Kitchen

Top 5 money saving tips for the kitchen

Search for a Package Deal

While the kitchen is one of the most important rooms to get right in a renovation, no investor wants to accidentally blow their budget in the quest for a perfect kitchen.

Marion Hansell is the director of Renovation Runners and has worked with clients on renovations for 14 years. Here, she shares with us her top five creative money-saving tips for the kitchen.

Some places will do a package deal, so you can get your oven, range top, microwave, and sometimes sink and tap as well, all in one purchase. This can be significantly cheaper – If you go and look at prices individually, you’ll see that you can save a lot of money by getting a package.

Consider a Laminate Kitchen

Ms Hansell recommends putting in a laminate kitchen, saying that most people don’t know the difference between a laminate kitchen and a polyurethane kitchen. However, the former can be done for at least a thousand dollars cheaper.

Don’t Buy Early

If there’s a sale on appliances or other big-ticket items, you can get a great discount. However, buying too far in advance means you’ve lost time off your warranty, which is never a good idea. Rather, it’s a better idea to keep the money in your bank account gaining interest until you’re ready to renovate, then you can buy what you need.

Match the Products to Your Market

Sometimes it’s horses for courses, Ms Hansell says. If you’re going to be somewhere that’s quite upper class, you don’t put in the cheapest rubbish because people won’t rent it. Similarly, you don’t buy in a lower socio-economic area then try to put in a really luxurious stone kitchen, because it won’t be appreciated. It’s safe to go for medium range, because if you put in top range products, you won’t get that money back overall.

Ask Questions

“What does this do, how does that work, what is the difference?” Do your research on products so you don’t get taken for a ride, which can happen to a lot of investors – they think they’ve got a great bargain, but they’ve actually been shockingly ripped off, Ms Hansell warns.