Professionals Real Estate 
When you are looking to purchase property either as your new home or to purchase as an investment, you want to pay attention to the potential it has for you to be able to increase its value. This is an ideal way for you to be able to scale up your equity. Usually to determine if a renovation is going to be viable it has to be determined if every dollar spend on the renovation will increase the value of it by at least a dollar and a half to two dollars.
It is important when planning the renovations that you don’t go overboard where you won’t get a return on your renovation dollars and also that the changes made as a result of this are compatible with the suburb that the property is part of.
The following five tips are proven ways of increasing property value. Prior to starting them some research should be conducted to determine what the cost will be and this should be compared against the benefits that will be gained from the renovation.
Bedroom addition
By keeping the thought of being able to add a new bedroom to the property you are buying you can avoid some of the pitfalls and costs that can occur with this. First you want to be sure that the floor plan for the building is flexible so that you will be able to move walls or perhaps enclose a now existing area that meets the house’s roofline. This may give you the space you need for the new bedroom, but it will also mean you won’t have to go to council with a DA plan. This means you have saved time and money.
Creating a granny flat
The government is keen on promoting lower cost housing and this has led them to loosen up on the rules regarding granny flats. You can use this to your advantage. It is a great way of being able to generate some immediate cash flow. You will need to be cautious about your property selection if the idea of a granny flat appeals to you. You want to be sure that your property is going to be suitable for this.
One of the problems that can arise is with the size block. The smallest you can use for this is 450sqm. This gives no room for the space needed for the outdoor area for the house that is there as well as the new flat. You would have to have around 600sqm of block size to produce a decent sized flat that would give proper side setbacks and back boundaries. The largest granny flat that you would be allowed to build is 60sqm. This size affords you the chance to build two decent sized bedrooms in the flat. You want to pay attention to being able to provide enough parking spaces, and also be alert as to where the sewer lines are located and the drainage system.
Impressive Kitchens
One room that is worth looking at for renovating is the kitchen. It is one of the most important rooms of any home. Ideally the kitchen should be the priority for bringing it up to what the kitchens of today are expected to be. It may mean sprucing up or replacing the existing cupboards and bench tops. Installing new appliances makes a big difference. Modern lighting is important and good storage is a must. You can add additions to it like an island bench then enhance the look of the kitchen with modern materials for the backsplashes. It is easy to get carried away with the kitchen renovations so keep yourself in check and shop around for good deals on the appliances and replacement cupboards if they are needed. You have the opportunity to shop both locally and online.
Modernized Bathrooms
This is room in the house that is used by everyone and receives the most wear and tear. They tend to soon become outdated and if you are looking to attract tenants then you want to place some importance on the bathroom in regards to updating it. These tend to be small areas so keep your colors light and bright and fresh looking. Avoid dark wall colors or tile colors as they will make the room feel even more compact. Light colored tiles reflect light. You want to stay within your budget but if you have a little leniency here, go with ceiling to floor tiles as this creates a very impressive look. To be ultra-modern choose a free standing bathtub and frameless screens for the shower.
Keeping an eye out for subdivisions
If you want to glean a substantial return on your property investment then consider buying property that could be converted into a subdivision. It would have to be a large enough parcel of land that would allow it to be divided into at least two lots. Before buying with this intention check with your council to see what the development control plan specifications are for lots allowed for division. Educate yourself on what the process entails for subdivision development before you make your purchase.
There are a lot of factors that have to be considered with subdivision building. You need to be compliant with subsidence, stormwater run-off regulations. You need to know if there are any covenants and easements in place affecting the property. Does the property allow for the proper sewage system, and can water and electricity be easily provided. You will also have an extra cost that involves the section 94 contributions to council.
There is a lot of work involved in seeking out the ideal property for subdivision use. There are a lot of different professionals that you have to deal with, after you have spent a lot of time in finding the right property. You will need an agent. You will have to set up a meeting with council and there will be various negotiations to be carried out. You will need to rely on the expertise of surveyors, consultants and town planners. This all takes time.
Once you reach a successful conclusion with your subdivision you will then need to make the decision as to sell it now that is completed and enjoy your profit now, or hold onto to your new lots to increase your equity for the future.
If you are not an expert in property investment you would do well to rely on the advice of various experts that relate to the various stages of your investment process. Make sure you have done some sound financial planning, and that you not only have enough money for the ongoing renovation or subdivision costs as well as some contingency funds for the unexpected.
