Any project that involves building your own property demands serious thinking about what you want before you build it. If you are building it for your own home, a serious consideration of the things you want and need is a must. However, if you’re building it with the intention of renting or selling it, then you should ensure that your priorities match your potential renters and buyers. Here are a few ways you can potentially make your build project a better investment.
‘Where’ Often Matters More Than The ‘What’
For long-term returns, location tends to trump luxury. While you might think that high-end finishes and details would attract the higher-end buyers, the truth is that many buyers in that range prefer to decorate their own spaces after buying them. Instead, focusing on access to schools, transport, and amenities yields better capital growth than investing in the details of the home too much. Aesthetics do matter, of course, but you should avoid letting them become the focus of your budget.
Versatility Makes For Better Resale Value
When you’re talking with buyers, it’s important to keep in mind that they are likely to be thinking beyond their immediate needs as well. While they want to use the property in a certain way, a versatile floor plan not only helps you appeal to a wider buyer pool, but it also appeals to those who may, at some point, wish to sell the property. Features like extra bedrooms, multipurpose rooms, and dual living zones tend to appeal more broadly than overly niche designs. When you’re planning out your space, ask, “Will this limit future buyers?”
Consider Selling Under Two Titles
The space that you have purchased could end up netting you two sales. With the right zoning and planning approval, building a duplex house could see you subdivide the land and sell each under a separate title, or you may decide to keep or rent one for longer-term yields. Duplex buildings tend to cost less per unit than two standalone homes, which can allow for much more efficient returns on investment. Of course, you need the space to make the most of both properties.
Maximize Your Land Use
Strategic planning when buying land for sale and how you use it can greatly increase your return on investment. Simple factors like driveway placement, building setbacks, and orientation affect functionality and resale. Focus on making the outdoor space not just appealing but usable, as well-planning landscaping and outdoor living spaces doesn’t come with a huge cost but does lend to sizeable increases in value. If you’re able to choose your location, corner blocks and wide frontages can be great for flexibility of access as well as property plans. Making valuable use of the square meterage you have can squeeze out every last bit of value in your project.
Which of the tips above work best will depend on factors like location and your target audience. However, hopefully, they should get you thinking about maximizing your return, not just getting a property built.
Any project that involves building your own property demands serious thinking about what you want before you build it. If you are building it for your own home, a serious consideration of the things you want and need is a must. However, if you’re building it with the intention of renting or selling it, then you should ensure that your priorities match your potential renters and buyers. Here are a few ways you can potentially make your build project a better investment.
‘Where’ Often Matters More Than The ‘What’
For long-term returns, location tends to trump luxury. While you might think that high-end finishes and details would attract the higher-end buyers, the truth is that many buyers in that range prefer to decorate their own spaces after buying them. Instead, focusing on access to schools, transport, and amenities yields better capital growth than investing in the details of the home too much. Aesthetics do matter, of course, but you should avoid letting them become the focus of your budget.
Versatility Makes For Better Resale Value
When you’re talking with buyers, it’s important to keep in mind that they are likely to be thinking beyond their immediate needs as well. While they want to use the property in a certain way, a versatile floor plan not only helps you appeal to a wider buyer pool, but it also appeals to those who may, at some point, wish to sell the property. Features like extra bedrooms, multipurpose rooms, and dual living zones tend to appeal more broadly than overly niche designs. When you’re planning out your space, ask, “Will this limit future buyers?”
Consider Selling Under Two Titles
The space that you have purchased could end up netting you two sales. With the right zoning and planning approval, building a duplex house could see you subdivide the land and sell each under a separate title, or you may decide to keep or rent one for longer-term yields. Duplex buildings tend to cost less per unit than two standalone homes, which can allow for much more efficient returns on investment. Of course, you need the space to make the most of both properties.
Maximize Your Land Use
Strategic planning when buying land for sale and how you use it can greatly increase your return on investment. Simple factors like driveway placement, building setbacks, and orientation affect functionality and resale. Focus on making the outdoor space not just appealing but usable, as well-planning landscaping and outdoor living spaces doesn’t come with a huge cost but does lend to sizeable increases in value. If you’re able to choose your location, corner blocks and wide frontages can be great for flexibility of access as well as property plans. Making valuable use of the square meterage you have can squeeze out every last bit of value in your project.
Which of the tips above work best will depend on factors like location and your target audience. However, hopefully, they should get you thinking about maximizing your return, not just getting a property built.
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