Property Observer - Five things you can do to supercharge your property skills this weekend


Property Observer - Five things you can do to supercharge your property skills this weekend

11th April, 2014 - It's the weekend before Easter and no doubt you're busy, however there are a number of small things you might opt to do if you want to get ahead with property investing.

Here are five, straightforward suggestions for any property investor.

1. HAVE A LOOK AT THE NEIGHBOURHOOD REVIEWS OF THE AREA YOU'RE CONSIDERING

We recommend those at Homely.com.au where suburbs are ranked compared to the rest of the area, for instance Mount Druitt is ranked 366th in Greater Sydney with a score of 6.9 out of 10.

There are also many helpful resident comments that can occasionally warn of bad streets or tell you the best streets, hidden gems and the type of resident you may bump into. People can put their 'pros', 'cons' and write who the area is suited to. Very helpful for any investor of potential home buyer. You might also want to help by adding in your own area review.

2. ATTEND AN AUCTION

It's going to be a busy weekend ahead of the easter slump, so anyone wanting to get a good idea of the property market around them can easily do so this weekend. If you're looking to bid at auction, make sure you check out our bidding tips here.

As well as these tips for not becoming a pushover and bidding more than you should. 

Take notice of the crowds, what is being said and the prices that properties sell for. This should put you in a good position for when you look to buy in the future.

3. ATTEND THE HIA MELBOURNE HOME SHOW

While we can't attest for all of the exhibitors, and we wouldn't want to promise anything, for $10 to $20 a ticket (depending on if you have a promo code) it's worth heading to the HIA home show and seeing what's available. With a number of exhibitors, product display, Q&A areas and presentations, it regularly attracts a crowd.

Particularly suited to: 
Those with an interest in renovations
Property investors looking to boost value
Owner builders
Home improvement fanatics
... and anyone who enjoys a healthy dose of The Block

4. REVISIT YOUR PROPERTY PLAN

Most savvy property investors, or even those dreaming about getting into their next home, will have a plan into place. Whether this is a savings plan, a long-term plan or something scribbled on the back of an envelope, you should take it out and revisit your progress. 

Where are you at? Do you need to revise the plan? Do you need to write down a plan in the first place? If you're struggling with this step, there are a number of apps that can help you think about the important aspects. We recommend 5Min Business Plan, a one-page quick solution that's available on the iPad. While it asks many questions that are relevant to businesses, it's a worthwhile exercise that allows you to think about your project more as a business, and as delivering a product. This is particularly useful for those looking to develop.

5. HEAD TO THE LIBRARY

It sounds a bit old school, but it's a good thing to do if you have a chance. Check out the property investing or business section for free books that you can have a look at, and the magazine section should also have some of the most popular investment magazines available for a read. 

You will also find that many libraries have "online learning" units that can be helpful - for instance, one online learning hub includes units such as 'How to save money', 'Basic Finance Skills', 'Bookkeeping', 'Money Making Strategies', 'Organisational Finances' and a number of 'real estate' units such as Home Decorating and Home Ownership. There are even gardening and furniture reupholstery classes. The best thing? They're all for free.

About Homely

Founded by Jason Spencer and Adam Spencer, Homely.com.au is a free to list, banner-ad free real estate website that helps people find their next home. With a focus on beautiful design, community engagement and innovative marketing platforms for real estate agents, Homely.com.au helps people make better decisions about where they choose to live.

View Original Article here.