A Property Investor’s Guide to Buying a New Build
Take a walk around your local area and unless you live out in the middle of the bush, it’s likely that you will walk past a construction site with new build properties going up.
New properties are being built all around the country right now and will help to house the increasing population as we go through the next few decades.
But if you want to invest in new properties there are certain things you need to look out for to ensure your property is a smart investment. Ask yourself…
IS THE PROPERTY GOING TO FALL DOWN?
You think I’m kidding when I ask that? I’m not. If you want a property that’s a smart investment, it needs to be built properly. Look at the architect, builder and developer attached to a new build and research their history and reputation. Does the architect have a long, strong history, or are they fresh to the game?
Look into the builder and their previous work. Go and look at it if you can. Is it solid, are there damp patches running down the walls, are there obvious issues with the build?
Same with the developer. What projects have they completed that stand up to the test of time?
Taking some time to do this kind of research is going to cost you very little and be worth a lot in coming years.
DOES THE PROPERTY HAVE ENOUGH SPACE?
Many new builds are apartments or modern townhouses with less space than traditional or older buildings. Maximising space and storage is a huge consideration when you’re thinking about attracting the right renter and keeping vacancy rates low.
Even if you have a small square meterage, look up. Higher ceilings create a sense of space that people crave and also increases things like light and airflow, all of which can help make a property feel more functional and liveable.
HAS THERE BEEN AN INVESTMENT IN THE BELLS AND WHISTLES?
Fixtures and fittings, which is what I like to call the bells and whistles that make a property look great and work well, are vitally important when it comes to new builds. Lights, blinds, curtains, carpets, door handles, cupboards. All of these aspects can be cheap and shoddily installed and will start to show signs of wear and tear very quickly, requiring premature renovations (which cost you money as the owner).
A property that has high-quality fixtures and fittings won’t need an upgrade for up to 20 years, so invest in the good stuff from the get-go.
IS THERE A VIEW?
It’s not going to come as much of a surprise when I say a view is worth a lot of money in real estate. But what you may not know, is that your view doesn’t have to be of an ocean, harbour or beach.
Having a view of bushland, or a suburb or district, is going to add much more value than if you’re facing the wall of another building or staring down into the bin stalls. As well as having the view itself, which can feel like having an extra space in a property, the right view will also increase the amount of light coming in, another thing that helps smaller spaces feel larger and more appealing.
PICK THE RIGHT STRATEGY
There are some specific strategies that smart real estate investors have depending on if they’re buying a new build or an older one. Positive Real Estate can teach you these tips and tricks to make your property investment journey a success.
Good property investors are nimble and adapt fast. They stay informed and enrol a team of experts to help them excel in times when others can’t. To find out how you can be one of those people, we’re running a free a property investing seminar.
Here you’ll be equipped with the tools, resources and support to thrive, and not fall behind on your path to financial freedom – whatever that may look like for you.
Book your spot now and find out what you need to know about the current market landscape and how you can make it work for the ultimate wealth creation opportunities.
By Sam Saggers