Fast ways to add home value from Easy home renovating
April 21, 2011 by Tim
Filed under Bathrooms, Kitchens, property market, Renovating
1 The worst home in the best street, refers to the transformational potential. Home buyers are often looking to upgrade into the better suburbs, so you should have continuous rising demand.
2 Some buyers are always asking, where to buy? When, often the best potential is in their current suburb. Even next door, this means one turns a single home into a developmental block.
3 Some simple rules say, aim for a gross profit of at least 35%, while spending only around 10% of the gross home price. These rules prevent you over spending on the home renovation work.
4 For a beginner renovator, I like to say, buy a home to renovate , pay close to land value. This way there should be limited downside.
5 An early ” access agreement” before the home is even settled, allows for a fast renovation. Its one way to add considerable value, even before you make the big capital outlay. A vendor should not object, as you are adding value, to the home.
6 A Kitchen renovation will nearly always add lots of value.
7 A Bathroom is also extremely popular, an great value.
8 Adding an extra room, by sudividing a large room or rebuilding a laundry converting it into an extra Bathroom are considered one of the best ways to add value. A three bedroom home is likely to be valued at much more than a two bedroom home.
9 In America, renovators often move the Laundry into the basement or garage. In the UK, the laundry is often moved into the Kitchen, in order to create an extra room.
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Easy home renovating finds more Home growth suburb ideas
April 19, 2011 by Tim
Filed under property market, Renovating
Some of the top ideas include- 1 Amenities, 2 Accessibility, 3 Affordability, 4 Demographics trends, 5 Days home stay unsold on the market.
Suburbs the Your Investment Property, likes include Elizabeth,S.A., Frankston,Victoria, Toukley,NSW, Thebarton,S.A., Salisbury,Qld, Bowen,Qld, Christies Beach,S.A., Strathfield,NSW, Ashfield,W.A., Footscray,Victoria, Cabramatta,NSW, Cowra,NSW, Footscray,Victoria
While the A.P.I. likes the suburbs of Frankston,Victoria, Port Noarlunga,SA, Palmerston,NT, Maroubra,NSW, Mirrabooka,WA, Preston,Victoria, Parramatta,NSW, Redfern,NSW, Marrickville,NSW, Redbank,Qld, Port Adelaide, SA., Cabramatta,NSW, Sunshine,Victoria, Margate,Tasmania, and Gungahlin,ACT. I often check out the fastest growth area and look fro the ripple effect on adjacent suburbs, in order to find the next growth area. I always find suburbs with new transport links, like freeways, railways station, airports are areaS which will do very well. Areas where massive new amenities are being built like, University, Hospitals, Shopping centre are all likely to be new growth areas. Some of the mining area have excellent expected growth , you need to research these carefully to ensure the mines have a long life.
I prefer to renovate in my home suburb, as it save travelling time, use local tradespeople, local Agents, and local hardware shops. This way I can build up a local referral network, too.
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Easy home renovating recognises likely Growth Suburbs
April 18, 2011 by Tim
Filed under Practical Renovation, property market, Renovating, tips
Today, I notice for you some of the likely future growth suburbs. Some of the best capital gains are earned when, an” out of favour” area becomes recognised for its convenience and amenity, reference Balmain, Carlton, Fremantle, East Melbourne, Port Melbourne, New Farm, over the last thirty years.
The API magazine notes these following suburbs – Port Noarlunga, S.A., some 20 km south of Adelaide, which Terry Ryder of hotspotting.com.au likes, and Marrickville, NSW, Preston, Victoria, Cabramatta, NSW.
Maroubra, 12 Km east of Sydney, Chris Grey, of Empire likes as a growth area.
Margaret Lomas, Destiny Financial, likes Redcliffe, Qld, Port Adelaide, S.A., Frankston,Victoria, Redbank, Qld, Palmerston, N.T.
Charles Johnson, WA Planning Context likes, Mirrabooka,W.A.
Some common Features which are transforming these areas include.
1 Cheapest under developed beach-side suburbs of the capital city.
2 There is a major transport upgrade due soon, like a new tram, bus interchange or rail service.
3 A new major highway recently opened or upgraded.
4 A major sale of Government housing into private hands. Private owners will rebuild the homes to their personal taste after many years of government neglect.
5 Many new restaurants and cafes opening,these suggest rising local living standards.
6 Major new spending building plans announced by the local council and State government including a Hospital, library, School, Shopping Centre, Aquatic centre, University campus or Ring road.
7 Developers moving into the area and building large new housing projects, particularly if of a higher home quality.
8 New industrial estate being built.
9 Development of foreshore areas, including a Marina.
10 Right next door to a booming growth area, thus get the ripple effect.
So there you have the experts ideas, on selecting hot growth suburbs, in the Capital cities.
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Melbourne’s Growth continues.
April 15, 2011 by Tim
Filed under property market, Renovating
Here I coin a phrase, Marvellous Melbourne. New Suburbs are being planned especially in the West.
1 The largest is Toolern to the North of Melton, where a 600 Hectare area will supply space for 22,000 new homes.
2 West Werribee, where 438 Hectares will provide space for 4,000 new homes.
3 Fishermans Bend, under the Westgate bridge where 200 Hectares will make room for ten of thousands, largely in Apartments.
4 Vally park in West Meadows to provide social housing and Aged care.
5 E gate in West Melbourne, where 20 hectares site as a redevelopment of the rail yards will house 20,000 close to Melbourne’s centre.
6 Yarraville Gardens, a redevelopment of the 26 hectare Bradmill factory site, in Yarraville.
7 In Knox there is a 200 Ha, ex government horticultural station site, likely to be reallocated fro residential housing.
Large areas in South Melbourne are being re assessed from commercial/industrial to residential.The re allocation of industrial land in hte inner city, can lead to a massive revitalisation. This has happened in London and other overseas capitals. Melbourne has had its own postcode, 3000 campaign.This has been mightily successful.
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Buying new property,” Off the Plan”
April 15, 2011 by Tim
Filed under property market, Renovating
One should be especially careful buying into development before they are built. Called buying property Off the Plan.
1 Check against other comparable projects for quality, value and price.Will your home be worth more once completed?
2 Check that your unit is large enough to meet bank lending criteria, as small units may be ineligible for a loan.
3 Check where your purchase ranks in the development, as early sales may be made at a discount.
4 Always, play hard in the negotiation stage, remembering the developmental profits can exceed 30%, Sales commissions can be huge, so there plenty of wiggle in negotiations.
5 Research, your suburb carefully, by visiting several times at different times of the day, check traffic, parking, shops, noise, local activity.
6 Be critically aware, if there are Guarantees, say special rent, these are short term, you are paying somewhere for this privilege.
7 Check out the developer, some build quality, some build prestige for a premium, some don’t!
8 Check that you know the property cycle, as a series of large developments could flood the local suburb market.
9 Check the contract, note all Fixtures and Fittings must be of the Brand and Quality, as displayed in the display unit. For example, the Display unit will have lovely furniture and Accessories, an you don’t get any of this in your unit.
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