In an exciting new online video series, Smart Property Investment is going property hunting and showing you what to look for when buying your next property.
Property Hunter includes what structural deformities to look out for, which unattractive design features will and won’t affect a property’s rentability and what cosmetic improvements need to be made before opening the property up to potential tenants.
We will identify features in each room of the house that investors should look out for and highlight aspects of properties that you should be cautious of.
The videos will walk you through a property and give a detailed analysis of everything from kitchen benchtops to bathroom conversions and structural irregularities to what renters want from a backyard.
This month, we went property hunting with Todd Hunter, who has accumulated 45 properties in his own portfolio. In addition, as a professional buyer’s agent and director of wHeregroup, he and his company have sourced over 2,000 properties for investors.
Todd cast his critical eye over a property in Raby, 55 kilometres southwest of the Sydney CBD.
Upon entering the house, Todd says it’s immediately obvious the property is dated and owner-occupied, but as he moves through the property he sees some serious investment potential.
“I wouldn’t touch a thing in this property,” he explains. “Just clean it up and get tenants in. It will rent straightaway.”
Andy Scott, publisher of Smart Property Investment, describes the kitchen with one word – “retro” – but Todd says investors can’t discount properties just because they’re lacking modern appeal and expensive renovations aren’t always the answer.
Todd explains that the kitchen has lots of wood and reeks of early 80s design, but there is another way to look at it.
“This has all the fundamentals of a great kitchen. It is solid. The framework is great,” he explains.
Todd then shows fellow property hunters how they could change the whole look of the kitchen with very minimal cost.
Despite the obvious improvements that could be made to the house, investors who find themselves inspecting similar properties should look to add value before reselling, rather than sprucing the place up for new tenants, Todd explains. This, he says, will enable you to sell for a premium.