State Budget will allocate $23 million to park and play in the West

 

Additional Western Sydney investment and infrastructure improvements, combined with the projected population and job growth of the region over the next 5-10 years, strongly support Silverhall’s property investment strategy.

 EXCLUSIVE Alicia Wood State Political Reporter

From: The Daily Telegraph

June 09, 2014 12:00AM 

Picture: Supplied Source: Supplied

A common question investors have when creating property investment strategies is whether to buy an existing property or build a new property. The right or wrong answer will be decided by the research behind the property combined with your individual circumstances.  Remember that it is prudent to consult with experts who can provide advice and assistance to your specific circumstances.

The Benefits Of Existing Properties Or Off The Plan

Investors that choose to buy an existing or off the plan property typically are not experienced or lack the knowledge to buy land and construct a house.  Investors also find it fits their portfolio to purchase a property off the plan whilst they are constructing another investment property allowing them to add 2 properties to their portfolio rather than 1.

Why Building Might Be Right For You

There are upsides to building new properties that can prove enticing to investors. An advantage of a new building is that it is new and, with modern floor plans, more appealing to new tenants with potentially higher rents. They also need less maintenance than older buildings which can prove costly. Finally, there may be significant tax deductions available with new buildings and the potential for early investors into new developments to make significant capital growth.

Whether you choose to invest in an existing property or building a new one, the right investment strategy is essential. It is worthwhile seeking the help of a property advisory professional to find out more about your options. Contact Silverhall on 1300 662 143.

Before you invest in properties it is always wise to examine the market for trends, but also to look beyond just the property market and consider larger social and economic factors that can influence property value.

Smart investors remember that the best rental returns and strongest capital growth areas aren’t necessarily in the place where you would choose to live. That is why it is important to make sure you develop a strategy that suits your budget and goals, and then conduct research to find the right property to invest in to meet your criteria.

In Sydney, experts see potential for the property market to improve in 2013; however it may be an uneven affair across the city and its suburbs. Some suburbs are displaying value and looking positive for 2013, while other suburbs seem likely to remain flat or stagnant.

The best suburbs for investors looking for solid capital growth and strong rental returns appear to be in the west of Sydney, due in part to the continued population growth and immigrants flocking to the area as a result of large government initiatives in employment land rezoning. For more information on property investment strategies, check out Silverhall’s range of free informative ebooks, or contact them on 1300 662 143.

A good property manager

The most important part of ensuring your property achieves the highest possible return is having a good property manager. They will ensure you obtain the right tenant, at the best possible rent. Quarterly inspection undertaken and the result reported back to you as the landlord. Listening to your tenants when they make contact and addressing any concerns they have as quickly as possible. Communicating with you in advance of the end of a lease to let you know what terms for a new lease should be.

Tips For Selecting The Right Tenant For Your Property

To make the greatest return on your investment property you need to have it occupied as much as possible. Here are some tips to help select the right tenant for your property to provide a longer tenancy with better returns and less drama for you, the owner.

Tenant profile

Create a profile of the tenant you want for your property, taking into account the neighbourhood and nearby amenities. For instance, young professionals may be a better fit for an inner-city apartment near restaurants, rather than a family with pets who need schools and parks nearby.

Property valuation

Next, get an accurate valuation of your property. Ask local realtors for an appraisal and check the Internet and papers for comparable properties in the area. When showing the property, either yourself or the property manager should be present to answer questions. Make sure your property complies with all regulations so prospective tenants are able to move in.

Tenancy agreements

Another important step, once you have selected a tenant, is to make sure you and the tenant have a written and signed lease or tenancy agreement. Never rely on a handshake deal. Before handing over the keys complete a written condition report of the property and have the tenant sign off on it. This will ensure that there is no dispute about damage or changes later on.

To find out more about investing in properties, visit Silverhall for their comprehensive range of ebooks and seminars.

Choosing a property manager for your investment property is a significant decision that you will make and can have a large impact on the return you receive from your investment property. Following a few useful tips can make the decision clear and lead to a productive and lengthy professional relationship.

Contact and arrange to interview a number of property managers based in the area where your investment property is located. Ideally, the property manager you select will have experience with managing similar properties and a good understanding of the area and the local market. It is important to think of it as a job interview and that you are looking to find someone that shares your philosophy and expectations of the property.

It is important to discuss and agree on your expectations of the property manager’s role and the strategy you have for your investment property. Having a similar view on rent price is obvious, but also whether you’re willing to allow the property manager to advertise and select tenants, handle the repairs and maintenance to the property (such as hiring cleaners, plumbers, etc.) and do any inspections of the property. Alternately, you may wish to be consulted on all of these matters before the property manager proceeds. Having a clear understanding for both owner and manager will ensure a successful working relationship.

Silverhall is a research based property advisory business offering guidance and strategies for property investors via their comprehensive seminars, e-books and one-on-one consultations. To utilise specialist research and advice on where best to invest in properties in Sydney, contact them 1300 662 143 or visit their website.