In last week’s blog, we delved into why the decision to buy a home as an owner-occupier is one vastly different to investing in a property to rent out.
If you missed last week, you can read it again here.
Renters of your property will have several expectations of what they are looking for when it comes to living in your home.
These expectations generally revolve around:
- location
- parking
- public transport
- facilities/amenities
- schools (the right school zone can make all the difference)
- shops
- storage
- dishwasher
- multiple bathrooms
- new paint job
- new carpet
- outdoor area of some description
Does the property you’re looking to buy cover off the must have boxes for the area you’re looking at? Remember, each suburb and who wishes to live there may have slightly different nuances as to what is important to your renter. A buyer’s advocate can guide you through the property selection process and keep you on track. If you’d like to chat, get in touch here.
Who’s your target market?
It’s essential to think about what kind of tenants you want to attract.
Is it Students? Perhaps young professionals? Families? There are pros and cons for each:
- Young professionals sound ideal, but the properties they want to live in tend to be in areas that are more expensive.
- Families are generally fabulous to rent to because they’re stable tenants who stay put. On the downside, young kids are rough on paint and carpet.
- The advantage of students is their expectations are relatively low, but their leases tend to be short and they have loud parties. Also consider extra wear and tear on your property as people potentially come and go more frequently.
See what I mean? All of this requires a risk/benefit analysis.
No money pits please
No matter who you ultimately rent to, it’s ideal to find an investment property that’s low-to-no maintenance.
A crumbling old place that constantly need repairs will frustrate your renters and deplete your bank balance.
On the flip side, a modern or renovated place may make your life as a rental provider far easier.
For your own peace of mind and also to retain your sanity, this is why appointing a professional manager is totally worth the investment. Plus, you’re dealing with a trusted professional that will handle anything that crops up regarding issues with your investment property.
Talk to Chamberlain Property Advocates about how we can help you find your next investment property.
Ask about our Investors Service, where we provide you with trusted impartial advice and WE MAKE IT EASY to protect your interests through out the entire investment buying process.
To book a free 30-minute consultation, simply click here and choose a time convenient to you. Alternatively, give me a call on 03 9686 2288 to discuss how I can help.
