What makes you decide to buy a property? Do you follow your head or your heart? Now, ask yourself, why? When you are making an investment decision you need to ensure your investment is generating a return, this may be through positive gearing or capital growth.
First off, you need to research the area you are planning to invest in and have a thorough understanding of the type of tenant that will be most attracted to your investment property. Once you have this knowledge you are able to consider all of the features in a property that your target demographic looks for and will possibly pay more for. There are certain things that you have to bear in mind when choosing a property and these are as follows:
Lifestyle
What kind of lifestyle do you think your target market leads? For instance, if you are aiming for young professionals, these tenants will likely want to live in close proximity to restaurants, transport, bars, cafes and the city. This demographic often lead busy lifestyles and do not want the upkeep of having a lawn. As opposed to families who tend to look for properties located close to schools, shops, parks and with fenced yards or pools.
Location
When choosing a location, the first thing you have to consider are the amenities available for your target demographic. Is the property close to the CBD or public transport? Is it close to schools? It is, in fact, very advisable to buy properties that are close to schools. Not only are you going to attract students, it will also appeal to families as they would mostly want to live somewhere close to where their kids go to school to. It is best to buy a property near a school with a good NAPLAN score for added valuability.
Ample Indoor & Outdoor Space
Try to look for properties that can provide an al fresco living experience or perhaps, one that offers plentiful space for the kids to play. Steer clear from gardens that require high maintenance, though or include lawn and garden maintenance.
Off-street Parking
Having a parking space is essential to a lot of tenants, especially when your property is located in a congested area. Having a carport or garage is often a must on a lot of tenant’s property wish lists.
Bonus Features
Items such as air conditioning, ceiling fans, storage cages in car spaces, dryers, security screens or flyscreens are all items that are desirable to tenants and features that you may find tenants will pay more for. Think of other things that you can add as a bonus to your property to make it even more desirable.
Other Features to Look For
– How many bedrooms are there?
– How large are the bedrooms?
– Is there enough storage space?
– Is there a bathroom in every bedroom?
– How many living areas are there?
