Research Secret To Put You Ahead Of The Pack

There is a wide range of free information available to all home buyers and investors – so long as you know where to look Whether you are looking to purchase a new home or your next investment property, sound research should always be step number one. Traditional methods of research such as websites, magazines, news reports and company announcements are always a good place to start.

Research Secret To Put You Ahead Of The Pack

There is a wide range of free information available to all home buyers and investors – so long as you know where to look

Research Should be Step Number One

There is a wide range of free information available to all home buyers and investors – so long as you know where to look

Whether you are looking to purchase a new home or your next investment property, sound research should always be step number one.

Traditional methods of research such as websites, magazines, news reports and company announcements are always a good place to start.

The nitty gritty statistical research can go a long way in helping you identify trends and possible investment opportunities. However, those not familiar with number crunching can quickly find themselves facing ‘analysis paralysis’ and miss out on an opportunity completely.

While the importance of traditional research methods cannot be overlooked, there are some clever alternative methods that could really kick-start your property hunt.

If you really want to gain an edge in the market, you may need to hit the road and get out there and speak to local residents, and observe the local area.

Ask neighbours how they feel about the area and how long they have lived there. You may be able to find out why the seller is moving, or of any developments that might be in the works.

As the fundamentals of smart property investing remain the same; type, location and demographics – there are a few things you should look to discover when chatting to the locals.

Infrastructure and Development

Major council developments and infrastructure projects may seem like a good thing at first glance, but it is important to determine whether this is proactive or reactive work.

A big infrastructure boom in the area may not mean it is prime for investment – the growth may have already occurred and infrastructure is just catching up.

First Impressions Matter

Whether you are looking for a primary place of residence or a new investment property, the local demographics of the area are sure to sway your decision.

Be sure to observe the locals; note how they dress, the quality of their vehicles and their ‘community feel’.

Synthetic street appeal should also be noted. What kind of architecture surrounds the suburb, do the owners take pride in the appearance of their property?

This could identify the demographics of the potential renters and the capacity for rental increases in the future.

This may also reveal whether the area battles a high crime rate or social problems.

Some Final Pointers

Local real estate agents and property professionals are a great source of insider knowledge–much of which you wouldn’t discover alone.

Remember; property investment isn’t rocket science but it does take a bit of research. If you can think outside the box and use information others can’t find, or don’t spend the time finding, you will be ahead of the pack every time.

What do Different Age Groups Look for When Renting?

We all want a fantastic home, but across the varying demographics in Australia what that means can change significantly, especially when it comes to renting. Someone in their 40s who is settled with a partner and children will likely have very different renting goals from someone who has just left home and is looking for their first flat. So what is it that each age group wants? Understanding this can help you a great deal, especially if you’re someone looking to buy a property and let it out to tenants.

We all want a fantastic home, but across the varying demographics in Australia what that means can change significantly, especially when it comes to renting. Someone in their 40s who is settled with a partner and children will likely have very different renting goals from someone who has just left home and is looking for their first flat.

So what is it that each age group wants? Understanding this can help you a great deal, especially if you’re someone looking to buy a property and let it out to tenants.

Generation Y

For young people, their rental choices are largely dictated by budget. Those attending university may only be able to work part time, and those just starting out in the workforce may not have the cashflow to afford a high-end rental property.

On top of this, Gen Y loves to be active in the city, and are looking for the best of both worlds – central location and affordability. This is often addressed through shared accommodation, or flatting. Homes with four or more bedrooms allow young people to split a lot of the costs of living that would otherwise put properties out of their reach. We buy houses in Cape Girardeau

The Wall Street Journal quotes the Urban Land Institute as suggesting Gen Y want compact urban property to rent out, so if you’re looking to target this market, owning apartments or small townhouses could be a good move. Keeping them close to public transport and near central hubs will ensure a constant flow of young people drawn to your property.

Generation X

As people grow older and start families, priorities change. The hustle and bustle of city life is no longer as much of a priority, especially if good infrastructure means the city and work are only a short commute away. This is traditionally where people begin to look at owning a home but with the rising cost of housing, many more Australians could be looking at renting.

In fact, a 2012 Pew Research study showed that Gen X was actually the most pessimistic about having enough for retirement – suggesting a shift away from home ownership and the gains within.

Owning homes that have amenities that are suitable for families and that are in good school zones might be the key to attracting Gen X renters. Provide for their family for the long term and they may in turn provide you with stable rental income.