Investing For The Future
By now, most of you would be aware of the latest drop in the interest rate and also be familiar with the budget released last week.
There seems to be a lot of positive feeling about at the moment in relation to the property market, which is great. The average homeowner is now considering spending money on their existing home, looking at upgrading to a new home, or even purchasing an investment property (let’s be frank, money in the bank is not earning you much at all at the moment). Keeping in mind that the property market is a very good investment and with interest rates at their current low, it is starting to entice more and more people to invest in property, which in turn will force prices to rise… so don’t be left behind! So, having said that now would be the time to act and get that extension, renovation or a new home that you have always dreamt of.
If you have already done the above and you’re in a comfortable enough position and ready to invest, why not think ahead for yourself or your family by searching for a new investment property, as who knows what the price of housing will be like in 20-30 years’ time and your children will need all the help they can get.
Another option, if your current property is very down and needs a lot of work, maybe to consider redeveloping your property as a dual occupancy or multi-unit development. Many people over the years have become wealthy just by investing in the property market.
Basically, it is a very good time to consider making the move if it is something you have been contemplating and take advantage of the interest rate drop.
Here at A.P.T. Design, Drafting & Construction P/L we would be happy to discuss any ideas you have in relation to extending and renovating your home, knocking down existing & rebuilding, or even building from scratch on a new block of land. We also specialize in obtaining planning permits for dual occupancies and multi-unit developments. We like to make it easy for our clients as we cater for all needs under one roof.
Feel free to contact us for a no-obligation consultation to see what we can offer you in relation to your property and investment ideas. We’d be pleased to share with you our wealth of experience.
Don’t hesitate to give us a call or drop us an email.
When Purchasing your Investment Property: Tip 1 – Good Foundations.When buying an investment property or first home, I can’t stress enough the importance of ensuring the foundations are in good health. As a building designer and builder, I can tell you that the most expensive item on a house initially and also the most expensive part to repair if it starts to fail is the foundations. Always avoid large trees around the house as they are a major cause of foundation movement. Also, look at what type and size of trees are in the neighboring properties as they can at some stage affect your foundations (consider that you may need to install root barrier at some stage if neighboring trees are affecting foundations). Generally, trees should be at least 1 x the mature height to 1.5 times the mature height away from the residence pending the species of tree. So, keep this in mind when next looking to purchase a property. Below are some general foundation tips on recognizing foundation problems for when you’re looking to purchase your next investment
a) Brick Veneer Homes
- Look for visible signs of cracks in brickwork
- Inspect expansion joints to see if the gap is consistent. If the gap at the bottom is eg. 10mm and at the top say 40mm then this is generally a sign that there is foundation movement.
- Squeaks in flooring
- Cracks in wall
- Out of level door header. This is sometimes a sign that there has been movement and repairs have been carried out
- Check if downpipes are connected and not just running onto the ground as this is a major cause of foundation footing movement
b) Weatherboard Homes
- Check if stumps are timber or concrete (if timber, it’s almost a guarantee that it will need restumping in the not too distant future).
- If you look along the walls down the length of the weatherboards, you can generally tell if the house has moved. If the weatherboards drop at ends or are like a speed hump this is a good indication that the house is out of level.
- If flooring squeaks then this is an indication that you may need to have a re-stumper look under the house and provide leveling and blocking (generally over time stumps will move independently especially in clay sites like the western suburbs)
- Also refer to items iv, v and vi of ‘Brick Veneer Homes’ as this will also apply.
Being Prepared For The Design Stage.
When initiating into the design phase for your project; whether it be a new home, renovation, extension, or unit development, it is important you do some thinking and gather some information to share with your building designer / architectural draftsperson. Having this information could firstly save you in consultation fees, and secondly, help you achieve the right design that you’re after.
First up, I suggest you provide the building designer with an understanding of your lifestyle and cultural needs. That may include the number of children you have or plan on having if you like to entertain often if you have any specific cultural or religious requirements within the design ie. Feng Shui or separated living spaces etc. Experienced home designers will ask a series of questions to obtain this information to incorporate it into the design but it is also best for you to be prepared with more information.
Provide your home designers with your minimum room requirements in terms of the number of bedrooms, bathrooms, toilets etc., also the sizing of the rooms and more importantly the maximum size of the overall house/extension to suit your budget. It’s a great idea to get a visual idea of the room sizes by either looking at a room of similar size or marking out the size within a space to get a more visual idea – sometimes gauging off a piece of paper just doesn't cut it.
Ensure that your home designers have a clear understanding of the style of house design that you prefer so that suitable floor plans to match that style can be designed. This is very important as you could end up with a great floor plan that does not meet with your preferences of facade types or requirements. Gather ideas of different façade looks before meeting with your building designer. With thanks to the wonderful little thing called the internet, you have access to an abundance of images for you to begin your research if you don’t already have an idea of what you want. Of course, copyrights exist on designs so your building designer cannot directly copy a design you present to them but it is to simply gauge your ideas and preferences for overall design styles. You can search for images directly through Google or you can also search through websites/apps such as Pinterest and Houzz to collate ideas. You may also want to ask your building designer for examples of previous designs they have completed to help build on your own ideas and preferences.
Building designers Melbourne deal with a lot of different cultures and each culture may have different requirements, this is the beauty of Melbourne and what makes it so unique. Don’t be afraid to provide as much information to the draftsperson as possible to ensure your building design ends up just the way you desired.
When you’re next looking for a building design for a new home or house extension and renovation, contact me for a free consultation to discuss your next project.