What to Look for when Buying an Investment Property
When you’re buying an investment property, you’ll soon realise that you need to look for different features than if you were buying a property for yourself. Here are some thing to consider when you’re looking for that investment property:
Who are you attracting? Decide on who you’re trying to attract (as a tenant). If you’re looking at free-standing houses, you’re probably looking for families. So, consider your location carefully. Look for proximity to transport, schools and shopping centres. Again, if you’re trying to attract a family, make sure that you buy a property that has sufficient outdoor space too. A big house will potentially attract a family, but if there’s no backyard, it might not be suitable for a family with kids.
Parking Most tenants will have their own cars, so they’ll be looking for adequate parking space- especially if the property is in a busy street. If you’re buying something that will attract a couple or a family, consider that a tenant will probably be looking for parking space for two vehicles.
Storage Most people don’t have wardrobes these days, so having built in wardrobes and/or storage cupboards in the property will be an attractive feature of the property
Bedroom to Bathroom Ratio If the property has more than three bedrooms, the property should have more than one bathroom. This accommodates the number of people living in the property.
Living Spaces Consider looking for a property that has more than one living space, especially if the property has three or more bedrooms. This allows for comfortable family or share-house living.
When you’re actively looking for an investment property, remember to speak with a professional Property Manager who can provide you with advice on the demand for particular properties in your area and what other features are most desired.
This article is for general informational purposes only and must not be taken as legal, financial or any other professional advice. We recommend obtaining advice specific to your situation before making decisions relating to your investment property and financial position.