When you’re deciding which property you’d like to invest in, it’s important to find a property that will appeal to as many people as possible. Think about what you couldn’t live without in your home and consider what your potential tenants might want or need.
A good location is key. You might pay more for an investment property in a nice suburb, but your tenants will too. A good location will allow you to ask for a higher rent, as well as attracting more potential tenants. A quiet, safe street or a property with a view will also add value to your property.
Access to public transport is a valuable draw card for your property. Being a short drive or even walking distance away from buses or trains is a great way to appeal to more potential tenants.
Plenty of storage space can never be understated. There’s nothing worse than a lack of storage in your home, particularly if you’re renting. Look for generous built-in wardrobes, ample kitchen storage and a lockable garage or shed.
Home security is a great way to appeal to potential tenants; everyone likes to feel safe in their home. Look for window locks, dead bolts and even a home security system.
Available parking is an important attribute to consider, whether it’s under cover parking or plenty of on-street parking. The more secure your parking, the more value it will add to your property.
An easily maintainable property benefits both parties. The less your tenant has to do to keep your property looking great, the better it is for both of you.
Finding the right investment property may be a slow process, but it’s worth it. You’ll be able to ask for a higher rent, and your tenants will be happy too.