What to Look for when Choosing Property

Select properties in suburbs where the market is rising, don’t wait until you hear about it in the media look for the following characteristics yourself:-

• Strong demand for both owner occupied and rental properties.
• Supply is diminishing, land in the area is limited.
  

The difference between supply and demand drives the market in property just like any other market.

Buy a property that is structurally sound make sure you check the following points before making a decision:-

• No structural work required.
• No electrical or plumbing work required.
• Only cosmetic work that can be done quickly with little expense is necessary.

Look for properties that have been renovated within the last 20 years and that are close to amenities for easy rental.

If buying a unit or apartment:-

• Make sure it is in a good building.
• Check the body corporate details and make sure they are easy to work with especially if you want to renovate.
• If possible choose a building that has been renovated, it will give an indication of the possible resale value.
• Be aware that unit prices can vary in the same building due to different features, facilities or views.

Check all external surfaces:-

• Including balconies, windows, doors and any concrete slabs.

Look for a property that may have a special feature:-

• Good lighting and space.
  
• View, size or parking.

Obviously you are looking for a property that is going to appeal to tenants and buyers. Location and the type of property will give an indication about what features are important to have available in the area you are looking in. Take the time to select carefully making sure the costs to get the property ready to resell or to rent out are going to fit within your budget.

And now the most important points to ensure you purchase a profitable investment:-

• Capital growth potential and
  
• Cashflow.

Do the necessary research and take the time to look at a number of properties until you find the best property you can.

Today’s Power Thought:-

‘Every thought I think is creating my Future”

Repeat this to yourself several times today.

Cheers

Teresa and the Team at

Australia Wealth

www.australiawealth.com.au

Tags: Australia Wealth, property investment, rental property

This entry was posted on Wednesday, November 18th, 2009 at 7:02 pm and is filed under Property. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.