What makes you decide to buy a property? Do you follow your head or your heart? Now ,ask yourself, why? When you are making and 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 the lawn. As opposed to families who tend to look for properties located close to the 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 children go to school to. It is best to buy a property near a school with a good NAPLAN score for added value.
AMPLE INDOOR & OUTDOOR SPACE: Try to look for the properties that can provide an alfresco 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 fly screens 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.
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