Monday 25th June 2018
Building an investment property is a labour of love – while it does require a lot more work than simply buying a pre-built unit, it’s the perfect way to ensure you come out with a property that you love.
It’s not a decision that should be taken lightly though. Securing the funding and building a property can be complex if not managed properly, and you need to ensure your vision for the end product considers how you will get the most value out it in the long term.
The three pros for building your own investment property
What to consider before you build
Thinking a build is a good alternative to buying an investment property? If so, you need to consider the common theme amongst all those positives: planning.
Property investment advisor Cate Bakos says the biggest rookie mistakes in building investment properties relate to poor planning, “Often, people build a ‘dream home’ to their own tastes, despite it being an investment.”
”Another common issue is building in familiar surrounds without consideration of what is best for their target tenant market,” she says.
Without doing your research and planning ahead, your construction project could be a disaster. Here are some questions to consider before you start your build:
From there, you need to talk to local architects, planners and builders to figure out the costs and timeframe for your project!
Ready to build a path to success?
Building your own property is ambitious – but with the right guidance it’s an excellent investment. If you need help with securing the funding to start your build, speak to our experienced team of mortgage brokers today.