RENOVATING for profit isn’t about painting a wall and watching the returns roll in. It’s about carefully adding real value over the long haul.
Are you thinking about renovating your home in Ipswich? Here are six top tips from realestate.com.au to set you up for success.
1. Get studying
Take the emotion out of the equation and learn what improvements are most likely to add value for your style of home, your suburb, in the current market. Changes that don’t fit won’t fly, no matter how fancy they are.
2. It’s not about you
Leave your own tastes at the door. If you want to make money you need to be thinking about your target audience and keep design choices neutral, not personal.
3. Budget like a hawk
A professional valuer can help you estimate costs and craft a disciplined budget. Aim to double what you spend as your end game, and always add buffer for those unpredictable hiccups.
3. Simple can work wonders
There’s plenty small, low-cost improvements that could make a huge difference to your property’s value. Fresh paint, new light fittings, new bathroom fixtures, door and window handles can all help a place command more for rent or sale.
4. Agents are your friend
Sometimes agents will chat to a network of prospective buyers before they list properties. Connect with agents in the areas you’re looking to renovate for profit, and share your goals so they can hit you up with a winner before the competition.
5. Build a competent team
Cleaners, painters, electricians, plumbers, roofers; relying on professionals is usually essential to transform a property safely and soundly. Invest in a competent team you trust and have rapport with. Grievances and misunderstandings cost time and money.
6. Add space
Aussies have the biggest houses in the world and love room to move. Enlarging or adding rooms is a popular way to create atmosphere and appeal. If you’ve already got larger areas, consider creating multiple rooms from them, especially if it increases bathrooms or bedrooms.
Article originally published Couriermail.com.au by New Limited 24/4/2013
More Ipswich suburbs to be switched on by the NBN
Queensland Says No New Taxes on Foreign Property Buyers in Bjelke Petersen-like Strategy
The Queensland government has ruled out introducing new taxes on foreign buyers of residential real estate.
They are the only state that actually monitors foreign investment, so were in the box seat to implement such a tax regime.
The rejection comes after the populist Victoria Labor government’s recent budget unveiled a new tax regime that will seek to tax foreign buyers and foreign owners.
Queensland has vowed not to follow Victoria’s lead and introduce any new taxes on foreign property investors.
Treasurer Curtis Pitt said Queensland welcomed foreign property investment.
“We’re ruling out any stamp duty surcharges for foreign investors who purchase a house in Queensland,” said Pitt.
“We’re also ruling out any land tax surcharge for foreign investors in this state.”
The Victorian state budget, revealed on Tuesday, included a 3%t stamp duty surcharge for homes from July and land tax increases of 0.5% from 2016 for offshore-based investors.
News Ltd reported Queensland executive director of the Property Council, Chris Mountford saying the action will strengthen Queensland’s position on the global investment map.
“In particular it creates a compelling case to invest in Queensland over Victoria.”
Nothing new for Queensland as that was how former premier Joh Bjelke Petersen saw the state into an upswing when Queensland didn’t have death duties like other states.
It was in 1977 when the Premier of Queensland Joh Bjelke Petersen abolished death duties and a wave of Australia’s elderly headed towards the Gold Coast with the high rise following as dying in Queensland became a tax avoidance scheme and Surfers Paradise became a retirement haven.
By JONATHAN CHANCELLOR via propertyobserver.com.au
16 Questions to Ask About Handling Property Management Alone
Problems are always there in property management. It may sound so easy at first but it won’t anymore once you start encountering big problems along with it.
DIY property management seems simple – and it can be – until something goes wrong.
The reality is that not everyone has the skills, time and temperament to successfully manage their own investment, particularly one of this size and scale.
With 20 year’s experience in landlord insurance, I can tell you that tenancies being self-managed by investors go pear-shaped more often than assets that are managed by a professional – they are subject to more claims.
Why? Tenants with a poor record deliberately target private landlords who don’t have access to industry databases recording people who have defaulted in the past. (more…)