Investing in property is an exciting endeavor, but it can also be daunting, particularly if you’re planning to lease that investment property.. As with all major decisions, ask yourself important questions to guide you towards the result best for you and your investment goals.
What’s the rental potential?
You want to get a realistic idea of rents on comparable properties. Ask an experienced Property Manager to do a rental appraisal. Properties are often under or overpriced and a rental appraisal will give you an accurate picture.
What’s being built nearby?
New infrastructure projects can be beneficial or detrimental to your investment property. New shops and entertainment centres could attract younger tenants, but might drive away families or senior tenants. Find out what’s being planned and when it’s due for completion by going to www.infrastructureaustralia.gov.au
What’s happening in the local area?
The lifestyle of the suburb where your potential rental property is located can either impact the property negatively or positively. Go to the local retail strip, look for the standard and style of retailers there. Speak to a Property Manager who can catch you up on the latest local demographics and statistics in the area.
What’s included in the title search?
Make sure you identify what’s for sale in the title search, such as parking spaces and storage.The best way to avoid this is to ask for a Community Management Statement, which tells you the allotment of the car parks and storage and ask your conveyancer or solicitor to include it in the contract.
Who’s your target market?
It’s essential you identify your potential tenants and know what they would be looking for in a rental property. If you’re looking at a property close to a university, consider multiple occupancy homes near transport and amenities. Meanwhile, if you’re going for the family market, look for a large home with a garden and spacious communal area.
We have years of professional experience in managing properties. Get to know our team of experts www.rentalresults.com.au/our-team/