dV Property Group’s Top Tips to identify potential in property.
Identifying potential in a property can sometimes be difficult – especially with homes that are older, a bit run down or in an area you aren’t familiar with. Here are our top tips for identifying potential in a property when you are looking to buy.
1. How are the foundations?
The walls could need a paint, the floors a polish and the bathroom an upgrade. Many renovations can happen quickly and cost effectively, but you will want to make sure the foundations are right. We aren’t all builders and professional property investors, but have a look at walls and ceilings to see if there are any large cracks. For post-war homes, take note when walking on timber floors to check they feel level. If it feels like you are walking up and down hill through a home, there could be sinking stumps!
2. Has it got height?
One thing that many people look for in a home or investment is height and aspect. Even in a low set home, is there potential to build up and take advantage of great views others may not have realised were there? Even being on the higher side of the street can be a bonus for buyers in the future, and give you the best opportunity to take full advantage of your aspect.
3. What big projects are planned for the area?
There are plenty of suburbs in Brisbane that may be up and coming, especially if you are willing to head out of the city a bit. Check out the Brisbane City Council website – are there any plans for upgrading shopping centres, public transport or new developments in the area you are looking at? This could be a good sign that there is future potential for the suburb you are in. On the other hand, if the property has a view, consider if the neighbours could build up or develop.
4. What are the neighbours up to?
Take a walk around the area you are looking at buying in. Are your neighbours upgrading their homes? This could be a good sign that the area is on the move and will be increasingly attractive to buyers in the future. A good overall street appeal will help your home sell in the future too, so take a sticky beak at what the neighbours are up to.
5. The ‘Cricket in the Street’ Test
If you are looking to live somewhere a bit quieter, we love the ‘cricket in the street’ test. Could your kids play a game of cricket on the weekends in the street without too much hassle? This is a good way to test whether you will be bothered with the amount of traffic in the area, especially if you are in a family with young kids.
If you are unsure about the potential of a property and want some friendly advice, give dV Property Group a call. With Jane and Peter active property investors and renovators for the last 9 years, and Peter being a licenced builder, we have the knowledge and expertise to help you identify potential in property.