A property expert has revealed exactly what you should look for to make a fortune when you change homes.
DIY restoration expert Naomi Findlay has spent years teaching others how to renovate Sydney homes and make a profit.
On Thursday, she revealed to Daily Mail Australia the key criteria that anyone wishing to enter the investment market should be looking for.
Market expert Naomi Findlay (pictured) has revealed her best advice when she looks to flip a house
She says that potential renovators should aim for older properties, since new homes do not have much to improve
She says that her golden rule for home buyers is that they have to look for any angle they can use to add value.
These could be lifestyle elements such as schools, parks or public transportation, things that will be important for those who end up renting the property.
"There is not a single size for everyone: different residential neighborhoods or different types of renovations will adapt to different lifestyles," he says.
The age of a property is another factor that can maximize value, since a household with less than eight years only has a limited room for improvement.
Therefore, she says that the best properties to target are those that are more than 30 years old, which, although they are generally more expensive, also have the greatest opportunity to add value.
The golden rule is to find anything of value that a prospective buyer might be looking for
House prices in Sydney have plummeted almost six percent in the last fiscal year, leaving an opening in the market for home-owners to take advantage
Housing prices in Sydney have fallen about six percent from record levels in the last fiscal year, leaving an opening in the market for the Dutch to take advantage of.
When choosing where to start, Ms. Findlay said it's important to look for "micromarkets" & # 39; or pockets inside and around the city, which are excellent opportunities for renovations.
Those pockets have been revealed by another expert, who says he knows which are Sydney's best residential neighborhoods to invest in.
The CEO of propertybuyer.com.au, Rich Harvey, says that Maroubra is the best suburb to invest, due to its reasonable price, near a beach and close to public transportation.
Marrickville, Balgowlah, Gladesville and Auburn finished in the top five.
Rich Harvey (pictured), CEO of propertybuyer.com.au, says he knows what the five most important Sydney neighborhoods are for renovation.
THE TOP FIVE SYDNEY SUBURBS DIRECT TO A RENEWAL
1. Maroubra: It is a little more accessible in terms of prices, it has a great beach, the light rail will provide a great improvement when it opens
2. Marrickville – Undergo a process of gentrification, which means many apartments and terraces perfect to renew
3. Balgowlah (including Balgowlah Heights and North Balgowlah) – Great accessibility to the beach and the city, in time prices between six and seven years should rise significantly as a result of the tunnel of the northern beaches
4. Gladesville – An unqualified "intermediate" residential neighborhood, relatively affordable compared to its luxury neighbors such as Hunters Hill and Putney, good accessibility
5. Auburn – More affordable than Parramatta but still on the train line, it will benefit from the planned infrastructure of Sydney Metro West
According to Rich Harvey, CEO of propertybuyer.com.au
At the start, Ms. Findlay says it is important to choose a property and give it your full attention.
"Identify an area to focus on, otherwise you may seem to find a needle in a haystack," he says.
Ms. Findlay and Mr. Harvey will be among the market experts invited to speak at the Property Buyer Expo at the ICC Sydney on September 8 and 9.