http://propertyplannerbuyerandprofessor.com.au/In this week's episode of the Property Planner, Buyer and Professor Podcast, the team dive into the nitty gritty of completing a successful renovation, sharing with you the tips to plan for a positive adventure with your home or investment property, plu
Upload Date: Oct 13, 2020
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http://propertyplannerbuyerandprofessor.com.au/In this week's episode of the Property Planner, Buyer and Professor Podcast, the team dive into the nitty gritty of completing a successful renovation, sharing with you the tips to plan for a positive adventure with your home or investment property, plus some learnings from their own experiences, (mostly learnt the hard way). First, they outline key measures announced in the federal budget, as Dave, Cate and Pete take you through: 1. Budget 2020 and the property marketThe trio share their thoughts on key federal budget measures that will drive the economy and property market. From tax cuts, providing perspective on national debt levels, to identifying the market segments that have missed out on further government stimuli. 2. Homes that you can grow intoUnfortunately it’s often the case that the home we desire and can afford don’t exactly match up. The compromises are normally between the dwelling and the location. To get into your preferred location, considering purchasing a home that you can grow into by extending out or up is a plausible option for many – the trio share with you the key benefits of this strategy.3. Top tip – live in your home before you renovateGet to know your property! After living in your home for some time, you’ll find out what you love and what you would like to change. This will save you from making some renovation decisions that you later regret.4. Home renos - how will the renovation impact your ability to sell?When renovating your home, thinking about being able to sell it down the track, (after the kids have grown up and moved out) is not usually the first priority. However, having an understanding on the future saleability and likely buyer pool can help you make critical decisions on your renovation ideas.5. Investment renos – understanding your deductionsWe always say that tax deductions are the icing on the cake, but you should still have an understanding of the tax implications of the works you plan to complete. Various materials and appliances will have differing depreciation schedules. Speak to a quantity surveyor to find out what tax benefits you are eligible for.6. More bedrooms doesn’t equal more valueProportionality is critical! Adding a few extra bedrooms doesn’t always add up to more value if you don’t have the space to pull it off, or if you don’t have the living areas and bathrooms to boot! The key is to know your market and deliver what tenants or prospective purchaser’s desire.7. Speaking of bedrooms, size is important!Hands up who has been to an open house inspection advertising 3 bedrooms, only to find out on arrival that it’s actually 2 bedrooms and a study? Almost everyone. We share with you our tips on minimal bedroom size – anything smaller, is a great home office or a baby’s nursery.8. Granny flatsThe capital gains tax incentives in the federal budget provide incentives for families to house their elderly parents in a self-contained unit. But do granny flats add value?9. And of course, our ‘gold nuggets’Visit the show notes - https://bit.ly/2GXqQbd