What Homeowners and Renovators Must Research On
It will be sunny…really sunny before long and there is something about the Sun which inspires ideas. Homeowners will have their minds fixed on certain renovations and extensions and they will carry it out, too, unlike the winter months when their ideas remained just that. It is then significant to be cautioned that any bold step or drastic property statement must come with its dose of research and review. This is true for investors, owner-occupiers as well as first home or next home buyers.
What has changed in your life?
Homeowners must ponder over a few aspects frequently. Has something changed in their lives requiring a change in the size or location of their homes, too? Is the floor plan working out well for them or would they have wanted something more traditional or something more oriented towards open-plan living?
The question of gearing
If you are an investor, you would like to evaluate how a particular property fits into your scheme of thing. Is your gearing being affected by the property? Would you want to unload a positively geared property for a negatively geared one (for tax concessions)?
Research is all-important
If you are looking to buy a new property, figure out the comparable sales figure for the neighbourhood? Read as much as you can about the town planning initiatives. Read about the gentrification and demography reports and go through all there is to be read about the new fancy suburbs (never miss out on how their rental yields and vacancy rates are placed).
Ask experts what they are chewing on? If you don’t know any of them, get inside their brains indirectly. Is there a spot where they anticipate counter-cyclic growth and if yes then for what reason? If satisfied, you can go ahead and buy such properties at very basic prices.
‘Structural’ over ‘cosmetic’
If you are looking to renovate your home, you will do well to focus more on the ‘structural’ than the cosmetic, say, an extra bedroom in place of the pool construction you have been eyeing. Also, make energy-efficient changes inasmuch as possible. Go Green is the mantra of the day and already, homeowners are waking up to the possibility of such homes; what with their scope of tackling energy crisis better.
What aspects you pondered over before renovating your house?