Are you thinking of becoming a property investor? It is a serious decision to make and here are five important questions to consider before jumping in.
Have I researched the location?
Before purchasing your property, check that the area has potential for capital growth. This will help you achieve good rental returns. Features in the area that are key to attracting quality tenants include access to transport options, parks, schools and proximity to the CBD.
Is the building up to standard?
What are the key features that your property has or is missing? Does it have a car park and ample storage? Have your house or unit checked professionally for any defects. Make sure pest inspections are completed as well.
What are my responsibilities?
Some of a landlord’s responsibilities include rent increases, safety and security, repairs and accessing the property. It’s also good to stay updated on state rules and regulations. Hiring a property manager to oversee the responsibilities can save you plenty of time and stress.
Do I have insurance?
It will seem like an extra cost, but landlord insurance can cover all sorts of issues, such as fire, storm and water damage and rental income protection.
How will I attract the best tenants?
Your property needs to stand out and attract ideal tenants. If you have a property manager, they can help you identify your target market and set up strategic advertising.
Are you ready to invest in property? Don’t forget to download our FREE investment decision checklist https://www.rentalresults.com.au/landlords-guide/