Essential Factors you MUST consider for successful property investment in 2024.
Investing in property can be daunting. Like with any large purchase, the high-stakes feeling that comes with purchasing property can often be enough to scare you off the idea altogether.
Ever felt like that?
Often, this sense of stress, worry and concern stems from one key thing – KNOWLEDGE.
Well, a lack thereof.
Confidence and trust in our decisions can only occur when we truly understand what’s going on.
Take instructions, for example – have you ever put together some Ikea furniture?
Skipping the instructions often leads to errors and mistakes through the process, which can prove more costly than anything else. You might say, ‘Nope, not me, I’m an expert, I don’t need instructions’. You know what, you might be right – and that’s exactly the point, you might already have that prior understanding to help you out. On the other hand you might just be lucky!
But, it’s the same with anything – especially property investment, lacking that knowledge will lead to things going wrong. But unlike your new office chair or set of drawers, there’s a little bit more at stake, which makes it a real barrier to taking that next step.
At the end of the day, we don’t just expect you to blindly trust us with no understanding of your own. It’s all about fostering that knowledge, in order to grab the opportunities to smash your financial goals as we move through 2024 and beyond.
So, if you’re wondering what creates successful property investment, stick around – because we’ve got you covered!
- Location, Location, Location!
There’s no doubt about it – location is the MOST important factor in purchasing an investment property.
Location is what can make or break a property. You know the old saying – buy the worst house in the best street, not the best house in the worst street.
Why? Because a quality area is what draws in quality tenants, increases demand and provides you with a recipe for long term financial gain.
When we talk about location, it’s not necessarily about whether there’s a park and a swing set on the corner (we will get to that though) – location is about the economy and long term growth.
Properties in locations that have a high demand, and low supply of new houses, alongside favourable macroeconomic factors, such as unemployment rates and migration patterns. As we’ve seen recently, significant growth has occurred in a number of regions across Australia, including South-East Queensland – to the extent that Brisbane has surpassed melbourne in terms of median property price.
- Add Equity
Do you know what we LOVE for our clients?
Adding VALUE to properties.
Recently, we’ve had a number of clients experience tremendous equity uplift in short periods of time by adding genuine value to their property. The financial output associated with building new on a block of land is a great way to highlight this. Investors have been able to count on an instant increase in value following the construction of a new house – to the point where we’ve seen clients experience an uplift of $100,000 over 12 months.
Value doesn’t just come with a new construction though – it can be about making a property more functional, or liveable too. Even seemingly minor things like landscaping and floor plans can be major factors in improving the value of your property.
Guess what? That takes us perfectly into the next key factor!
- Floor Plan Functionality
We all want a LIVEABLE place that makes us feel at home.
Your investment property’s floor plan will be a major factor in drawing in quality tenants, as naturally, we all want to live somewhere that’s functional.
In general, we tend to look for three things in a great floor plan
- 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.
- Living/Dining
A functional living and dining room is one that’s open, bright and has plenty of storage. This goes for the kitchen too – open plan living is SO popular.
- Bedroom/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.
Having a home that is liveable and functional is a great way to attract prospective tenants that appreciate the comfort and vibe of a good quality place.
Want some more insight into a property with a great floor plan? check out our recent video.
- Outdoor Space
Last, but certainly not least in our recipe for a successful property investment is outdoor space.
Whether that’s some room to move around on the property, or some great places to visit close by, we’re all about making the most of our outdoor world.
Gone are the days where houses built just about ON one another are the norm. We all want a little bit of a yard – somewhere for kids to play, the dog to run around, and maybe even some room to grow a little veggie patch.
We mentioned earlier that location wasn’t all about having a great external environment, with places like parks and gardens – but for the sake of lifestyle and enjoyment, it’s certainly a crucial aspect!
Interested in learning more about our tailored property investment plans? Get in contact HERE (1300 776 735), we’d love to hear from you!
