The housing market in Australia has never been better. With the recent mining boom being put on the backburner, housing has become the newest, hottest investment with many people seeing a 50% or more profit. Because of this new income for the Australian economy, the government has upped its seven thousand dollar key start allowance for first time buyers to a whopping ten thousand, meaning that now is the time to buy.
Investment properties have also seen a huge increase in popularity as most states have a great demand for rental accommodation; in Perth alone there is an estimate of three people to every one-rental property. Competitors and banks have focused on targeting. If you are interested in taking part in such a prosperous field then now is the time to start. There are a few ways to look at investment properties, be it starting from scratch, renovating an older house or even starting with your own home. For first time investors I always recommend looking into companies that deal only with investment housing as they tend to show the best returns, by building a new property, you are illuminating previous housing problems, you are also insured for a year by the builders warranty, so should anything go wrong, even if there are tenants living in the property, you will have piece of mind should any paint crack or pipes leak.
The second option, which I would really only suggest for those in the building industry or have had previous experience, is renovating a house. You returns on this kind of property can differ dramatically and when thinking about renovation, its good to have a clean environment on what you want as well as having a substantial amount of excess cash. I say you need extra cash because even the best budgeter will find more things to spend on as the process evolves. Discount coupons don’t go amiss here and wherever you can try and save, will add up.
Finally, if you have decided to renovate then why not start in your own home, it could dramatically increase the value and while you may not be ready to sell, you still get to enjoy the perks while at the same time knowing that when you do sell, there will be more money in your pocket. The kitchen is the heart and soul of the house and a cheap kitchen installation can take your whole house into the twenty-first century, it is for this reason that I also say start in the kitchen. Though it might be a large cost to begin with, many companies offer finance as well as taking out your old kitchen, skip bins Central Coast and even a few freebies.