Does my current property have the potential to turn into a good investment property?
Once you have seen whether it is possible to turn your property into an investment the next and most important question to ask is whether it is suits this purpose. While every property can easily be turned into an investment not all properties make good investments for various reasons. Things to consider here are:
Current market trends
It is best to ask a property professional for advice on what the market is doing in your area, they can give you up to date advice on whether it is best to sell or hold your property based on market trends.
What are the plans for the area?
Looking forward, what are the council plans for your area? What will the impact be on your property?
Position and location
Is the property in a desirable area to attract tenants and achieve maximum possible resale?
What will the property rent for?
Will your property be positively or negatively geared? Will this meet your financial requirements.
How will the property hold up with tenants in it?
While you may have loved the polished wood floors and manicured gardens while living in your property, how will they fare under the care of a tenant? Also, some properties which require frequent maintenance may prove to be a financial drain.
Turning your existing property into an investment property can be a great opportunity to build your property portfolio. By assessing these points, you can make an informed decision if this is right for you. And remember – if in doubt, call Matt Diesel who can help you with any property enquiries you may have.