When it comes to investing in property, it’s safe to say that one of our favourite methods is to build NEW.
With Australia’s monumental shortage of new builds, due to rising materials costs and the sheer number of builders that have gone under, quality properties that are functional and brand new, are certainly at a premium…
Especially where rentals are concerned.
On the other side of things, by building new, you are generating equity on your purchase from the get-go – adding value to the block you purchased by building a dwelling (house, duplex, unit, apartment…). Ultimately this can be a great method to build financial stability in the long term.
In the short term, it can enable you to borrow more money in order to purchase more investment property, growing your portfolio and taking you closer to your financial goals.
When looking at building a new place, it’s important to really consider what makes a home a great place to live. No one wants a cramped, dark place, nor do they want a home that can’t actually function as a home.
So, before you get started on planning your new build – check out these 5 key components you’ll need to take your build from nice, to AMAZING.
- Open Plan Design
First of all, let’s talk about something that can make or break a home – flow.
When hanging out at home, we tend to spend the majority of our time eating, sitting in the lounge room, or cooking. By combining these three things into a functional, open plan area you are able to ensure that your investment property has that flow that we all love.
By having an open kitchen that flows into the living and dining spaces, it really accentuates the space within the home and allows you to cook or clean whilst still being able to hang out and chat with your loved ones.
2. High Ceilings
When it comes to opening up the home, there’s nothing more important than high ceilings.
When we say high ceilings, we mean 2700mm +, rather than the standard 2400mm ceiling height.
Not only does it increase the space and light that enters a room, but it also provides more opportunity for added storage and full-height wardrobes and cupboards.
With the added light that high ceilings provide, it also does wonders to making the space feel more homey. Why? Because our brains respond positively to increased light, improving our mental health and wellbeing through benefits to our sleep and happiness hormones.
Enough neuroscience though – let’s cut to the chase…
If you were going to remember one thing from this blog today, it’s this idea of the importance of livability factors, such as high ceilings. They’re the most important structural change when it comes to building an investment property – and it’s something that we ALWAYS ensure our clients include.
3. Galley Kitchen
The next thing that is integral to a quality new build is the kitchen.
A galley kitchen is one that typically has the oven, stove, storage and appliances running down the exterior wall. Parallel to this, you’ll likely see a big granite or caesarstone benchtop with built-in sinks and a dishwasher.
Coined from the space-maximising galleys in ships, this style of kitchen is a perfect add on to any open plan space, as it helps build upon that flow, whilst providing a versatile space for preparing, entertaining and just having a good old chat.
P.S.
We LOVE seeing 900mm cooktops and ovens in galley kitchens, to ensure that there’s enough space to cook, no matter who you’re serving!
4. Large Bathrooms
Large bathrooms, with features such as double showers, can turn a place from a cramped, hotel-type feel, to a real home, where your tenants can settle in and be comfortable.
There’s nothing worse than feeling cramped in a small, impractical bathroom. So, ensure that there is plenty of storage, as well as windows for natural light, quality mirrors and makeup lights.
5. Bedrooms and Study
Nobody wants a bedroom that is musty and cramped, great floor plans have spacious bedrooms with plenty of wardrobe space and some natural light.
Alongside this, it’s safe to say, after the past few years, we’ve all come to the understanding that working from home can be pretty great. As much as we love spending time with the team in the office, sometimes, it can be just as nice to get some work done from home. According to the Australian Government Productivity Commission, off the back of the pandemic, the percentage of people with a formal WFH arrangement jumped from 8% in 2019 to around 40% in 2023.
Including space in the home to allow your tenants to work or study from home is incredibly important. Bedrooms that double as offices are a great way to do this!
Remember, your investment property might not be your dream home – but that doesn’t mean you shouldn’t do what you can to make it as practical and homey-feeling as possible.
By focusing on what makes a great home and considering these five things, you’ll be going a LONG way to turning that property into a high-quality, equity and income generating investment.
Are you looking to get started on your property investment journey? Maybe you’re looking to grow your portfolio…
No matter your background or circumstances, we’ve got your back. At Propell, we work with YOU to source and purchase investment properties Australia wide. We pride ourselves ensuring each and every action is considered and tailored to your unique strategy and goals.
Want to learn more?
Give us a call on 1300 776 735, or get in contact here – we’d love to help!
