Tag Archives: renovation

How to Start Your Property Research

Start Your Property Research Now.

 

Property research made easy because there is such a wide range of information available to homebuyers and property investors, but it can be overwhelming if you don’t know where to start…

For example you are confronted by auction clearance rates, vacancy rates, pending building approvals. Not only are all these stats and figures overwhelming, it can confusing for some too. So…would you want to buy a property without proper research?

Property research whether you are purchasing your first home or starting an investment portfolio, the traditional methods of research such as websites, magazines, news reports and company announcements are always a good place to start.

However, the property research you need to do varies, depending on your end goal and/or profit targets.

If you are looking for your primary place of residence, factors such as proximity to family and friends, layout and design and overall feel have a major effect on the area and property you choose.

What if you are purchasing an investment property?

Your property research would focus less on personal preferences and more on what adds value and maximises the cash-on-cash return for your investment.

You want to consider a rental yield of 9% or higher because you are basing your research on how much this suburb has risen in value historically, and whether there is a potential uplift to add value through a renovation or the property meets requirements of tenants.

property research
Property research because searching is not the same as researching…

There are four key factors which you want to consider when starting your property investment research.

Property research for location: In particular, you want to consider the proximity of your property to public transport, schools and employment opportunities.

Areas in close proximity to the CBD in major cities have a real advantage when you consider the above factors. However, if you want to enter these areas today, you need to pay a premium and of course this depends on your financial circumstances.

Property research infrastructure: If the well-developed areas near major cities are out of your price range, you need to make special consideration for current and future infrastructure which may make an outer ring suburb more accessible in the future.

If you can ideally select these suburbs early, you would be able to snag a bargain and see significant increases in value (capital growth) as the infrastructure develops…

It’s easy to assume capital growth and decline looking at median price of a suburb alone, however it’s not accurate. There are sub markets within a city and even in a suburb, individual properties can attract different levels of demand.

Property research affordability: There are two key considerations to look at. Firstly, you need to sit down and work out how much you can afford to spend on your investment property, taking into account stamp duty, legal fees and property management fees.

Secondly, you need to consider the demographics of the area you are purchasing in and decide whether your target market (potential tenants) would be able to afford the rent you hope to achieve.

Even when median prices are falling, there are pockets of opportunity in each city which bucks the trend. The same applies in growth cites as not all suburbs perform the same way. In fact, each suburb behaves like a mini-housing market according to its own dynamics.

Finding suburbs with potential for price growth may not even be your primary goal, especially if you’re thinking of buying your first investment property and don’t know where to start?

What if you are an experienced investor motivated to avoid repeating past mistakes?

Property research because you need to avoid the persuasive high rental yield areas caused by falling prices, suburbs where prices peaked and are just about to crash. These locations have rising rental vacancies and of course leave you short on rental income.

The best property investments are found where the rent more than covers all outgoings, including your loan repayments from day one and local property market has power to provide rent increases and price growth.

Perhaps you don’t have time or resources to do due diligence and analysis to locate these hidden suburbs, so where can you find them?

Property research, there are a number of amazing resources available to property investors and homebuyers looking to enter the property market, so you don’t want to limit yourself to only researching via online resources.

An experienced team of experts can be worth their weight in gold throughout your property investment journey. If you would like more ways to ensure the success of your property research or information on how to begin you research, contact us today using the form below…

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Property Research

Simple Project Management 101

Project management is the discipline of planning, organizing, motivating, and controlling resources to achieve specific goals.

 

Project management is the application of knowledge, skills, tools, and techniques to a broad range of activities in order to meet or exceed your renovation or property development needs…perhaps including stakeholder needs and expectations from a project.

Project management ensures available resources are used in the most effective and efficient manner.  It is a combination of steps and techniques to keep a project’s schedule and budget in line.

The project management process is the planning, organisation, monitoring and control of all aspects of a project and motivation of all involved to achieve project objectives safely within agreed time, cost and process criteria…

project management
Project management consists of five stages…

Here’s how to apply these five project management tips for scheduling resources and achieving maximum end results:

  1. Initiating
  2. Planning
  3. Executing
  4. Controlling
  5. Closing

Projects are best allocated or managed by a group of people. As project manager, you need prepare, plan and allocate tasks to the right people on your project team.

What happens if you try to do all tasks yourself or if you don’t allocate right tasks to right team members? You can seriously slow down your project progress and success, however you can avoid this by scheduling resources more effectively…

project management
Project management use processes and techniques designed to minimise the chances of delays or budget over-runs.

Project management tip 1 – assign resources to tasks: The first step is to assign people to work on your project tasks. Create resource profiles for each of your team members and allocate right tasks to right people.

If you don’t know who should be taking the lead on a task, simply ask. Talk to the individual or their manager and if you do get it wrong, they will no doubt tell you and you can quickly assign someone else.

Project management tip 2 – check who has time available: Using the resource planning features makes it easy to see who has time available to take on more tasks.

These team members are under-allocated, so they have some slack in their day to do additional work. That can either be on your project, or on another project.

Project management tip 3 – check who has too much work because some people on your project team may have too many tasks allocated to them. Again, you can use the resource planning reports  to check which people on the team are overstretched.

Having too much to do can put additional stresses on your team members and reduce morale in the team, so it is good to know you can see who might be struggling with a large workload.

Project management tip 4 – monitor progress regularly: Tasks change on projects all the time, and someone who had too much to do last week may have made lots of progress and is now managing their tasks effectively within the available time.

Equally, someone which was under-utilised may find they have a lot to do as a task has turned out to be bigger than they expected.

Check your resource scheduling reports regularly to ensure the team is making progress and everyone has a good understanding and balance of work. You’ll also be in a better position to identify if someone becomes available to pick up new tasks.

Project management tip 5 – reallocate tasks as necessary: If a tradesman or professional consultant has too many tasks, you can reallocate some of their work to another person which has the experience to do the job.

Talk to both people before you make the change online in your project management software, so they know what to expect when they next check their task allocations.

Reallocating tasks is a way of spreading workloads across all the members of the team and any other experts, so it is a good way to keep morale high and make the best use of everyone’s skills.

Preparation, planning within the processes of project management means proper scheduling which enables you to easily allocate tasks to the right people, plus you get confidence in knowing they are all working on the right tasks at the right time.

Project management is a professional discipline which combines systems, techniques and people to achieve a renovation or property development objective within defined parameters of time, budget and quality, employing creative problem solving processes designed to recognise and solve problems as they arise, and also to proactively anticipate and avert potentially detrimental situations…

Project Management