Making money in the property market doesn’t mean you need to start off large. Once an area peaks it can be extremely hard to buy into, therefore the best way to get ahead is to buy in an up and coming neighbourhood. Knowing how to spot a hot spot can be difficult, but with a few simple strategies you’ll be on the way to owning a property in a desirable area with potential for a large return in the future.
What to look out for:
Locating a Hot-Spot
Hot spot locations are typically areas that haven’t performed as well as the suburbs surrounding them. When searching for an up and coming hot spot focus on the growth of the areas around it and proximity to cities and major attractions. Expanding infrastructure and improving public transport options is a good indicator a suburb’s profile is expected to grow.
As an area begins to improve you will start to see more lifestyle options popping up. Restaurant, bars and shops are a positive indicator an area is on the rise.
What to buy:
Once you have settled on a couple of areas you think will achieve your long-term goals, finding the right property is important. “Whether you’re looking for an actual house or a vacant block, positioning is vital,” explains Mark Ribarsky, senior buyer advocate at Wise Realestate Advice. A quiet street close to facilities infrastructure, schools and parks is often the most desirable and increase in value quicker than properties on main roads or away from attractions.
Finding a property within reach of businesses and employment options increases the likelihood it will be desirable for tenants or investors. Knowing that an area has the potential to increase employment options will help make it more marketable to future tenants and improve your sale options down the track.
Stand Out From the Crowd
Finding a property with unique character is a beneficial way to have your place stand out from the crowd. Buying a period home amongst an area full of units and townhouses will often mean a greater return when it comes time to sell.
Buying property is an exciting time and a buyer’s advocate may be just the right person to help clarify your options. For an obligation-free conversation contact Wist Realestate Advice on 1300 009 473 to find out how their services can assist your property needs.