Without a crystal ball it’s impossible to know for certain exactly how the market will perform, but as the old saying goes, knowledge is power. Andrew Winter shares his tips on how to find a property hotspot.
When it comes to property investing, one of the common buzzwords is ‘hotspot’. But in my experience, if it’s a hotspot, you’re probably too late.
Hotspots are areas where property values are about to experience significant capital growth.
Without a crystal ball it’s impossible to know for certain exactly how the market will perform, but as the old saying goes, knowledge is power.
• Buying and selling property is all about timing. Research and preparation is key.
• The trick is to look for telltale signs that a rundown or unfashionable area is changing. Things like newly renovated properties or the first trendy coffee shop.
• Check with council for proposed transport developments as they will always push prices up.
• If you’re looking at an area that has already experienced a large growth, you may be too late. But the good news is you could start to focus on the immediate areas around that suburb.
• Suburbs surrounding hotspots are usually next to grow. Buyers who can’t afford their favourite area will always look at a neighbouring location. And then the demand pushes prices up.
But if after all your research you’re still tearing your hair out trying to find the next hotspot, don’t panic. Location is just one slice of the cake. You can get the location spot on; but if you pay too much or choose wrongly within that area you could be waiting a long time to see a profit!
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