Buying the right property is all about buying in the right suburb and more importantly in the right place.
Before buying, research your suburb:
• Is it well serviced by transport and close to amenities?
• Are the houses attractive and highly sought after?
• Are the property resale figures good?
A lot of this information can be found on the Internet but it is also a good idea to find a real estate agent that can help with information about resale figures and price averages. Make real estate agents your new best friend! Auctions are good reflectors of the property market so attend as many as possible.
If planning to renovate, Cherie recommends buying freestanding houses over apartments for more control over the project. You don’t need permission from body corporate or the neighbours. When inspecting a property to buy, research renovated neighbouring properties and that will set a precedent for what will be approved by council.
Ensure the street is nice and worth investing in. Exteriors can often be tidying up with a just a lick of paint, leaving you more time and money for the interior. As a general rule, never spend more than half the house value on a renovation.
Bedrooms can add enormous value to a property. An extra bedroom can add between 10 and 30 % to the resale value depending on the suburb. Look for a property that has room to extend either out or up – preferable up, so there is no loss of garden space. An awkward or boxy layout is easy to change by knocking out a wall or two, to create a sense of flow through the house.
Shot on location at Five Dock, Sydney, NSW.