So you are thinking about expanding your property empire or want to get your feet wet into investing but you are unsure where to start, or what to look for.
When you ask someone for advice, they probably tell you to ‘do your research’, but what are you supposed to be researching exactly? Don’t worry, we here at Sprint Finance have got your covered with our top tips on what to look for when you want to identify a booming suburb:
How close is the suburb to the city
As I am sure you already know, the closer you are to the CBD, the more valuable your property is. Yes, a lot of these properties are quite expensive but you might find an undervalued place near the city, and if you do cease the opportunity! Such an area is unlikely to have a shortage of tenants and you can safely expect the value to rise.
What are the facilities?
Are there any schools in the area of good reputation? How about access to public transport and main roads? People choose to live in areas that match their lifestyle requirements. A good school, an exciting shopping centre and a five-minute walk to the bus stop are all plus points for an ideal property.
What makes this suburb unique and attractive? Is it the parks? The fancy restaurants or the large recreational centre? Remember most of the things that you want in an ideal suburb, other buyers want it too! Added up these increase the demand of a suburb and, ultimately, it’s price.
What developments are in the works?
Find out what is currently or planning to be built nearby. This can really make a difference in the value of the suburb, primarily for two reasons.
Firstly, you can avoid buying into an oversupplied region. If there are a large apartment blocks being constructed in the area, it might advisable to look elsewhere. Secondly, keep an eye out for any beneficial projects that are in the works for this area. By getting in early you could capitalise on these before everyone else realises they wish to live near them.
Now that you know what to look for, speak with one of our expert brokers, we will help make your property dreams come true!