Investing in the Current Market
Fisk & Nagle | 9th March, 2012
A combination of prolonged capital growth and the uncertainty about the world economic state have put our property market in a bit of a slump.
Some investors will do well in the current market. In times of market change there are always some investors who do well, while the rest of us become paralysed with indecision and inaction.
An investment strategy that will always be a winner in any market is: buying a well located property and adding value to it. This means choose a Cooma property with renovation potential or one with development potential. This will give you the opportunity to add value and improve its capital growth.
If you don’t have any experience with property developments you will need the help and advice of someone who does. But when it comes to renovations most people think they can do it themselves. Here are a few tips you may want to read:
1. Overcapitalizing – Do not spend more than you need to, the surrounding houses can influence your resale value.
2. Quality of renovation – The renovation work should be in keeping with the existing building style.
3. Quality of fittings – The use of expensive fixtures and fittings does not automatically mean you will be able to sell for a higher price. What is far more important is quality workmanship and functionality.
4. Current lifestyles – embrace the needs of modern living and offer large functional living areas that allow the indoor living area to naturally flow to the outdoor entertainment area.
5. Plan your renovation carefully, get professional advice and use good tradespeople, not only will they do a better job, but they will also save you time and money.
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