Tips for buying a good rental property

for-rentIn the market for an investment property?  

Looking to buy a property that your future tenants will help pay for, so you can grow your wealth sooner?  

We’ve listed some tips to help you buy with tenants in mind.

 

Choose a property that renters will want to live in.

Since your renter will be paying some, or all, of your mortgage, you want to buy a property with features tenants want.  Here’s where proximity to facilities renters want really counts.  Ask yourself where your renters spend their time – at local shops? Cafes?  Are they close to schools?  You’ll want to make sure ‘close to public transport’ is on your list.

Pick a property that’s private.
In capital cities, where medium to high-density living is becoming the norm, people from all walks of life are living on top of one another. Therefore, when you’re inspecting, check the view from the bedrooms and living spaces.  Do they face directly into a neighbour’s bedroom, living space, or bathroom?  Is it noisy?  What can you see from the balcony – straight onto someone else’s?  Pick a property that offers privacy that you find acceptable.

Find a property where there’s room to move.
Living in a shoebox isn’t high on many people’s priority lists.  Check for bonus outdoor spaces (a courtyard, patio, balcony or a sun room).  They’re important spaces where people can unwind.

Pinpoint properties with the ‘X’ factor.
Some properties have unique characteristics with broad appeal – like shared rooftop spaces, loads of storage/parking, or perhaps period features such as an art deco facade.  A property may be situated opposite park lands, in a peaceful cul-de-sac, or have historical significance.

Basically the rule of thumb is only buy an investment property if you will be happy to live in it.  If you are willing to live in it, chances are your tenants will too.

Narrowed down your investment property shortlist?  It pays to get your finance organised and your paperwork up to date before you make an offer.   Contact us to see how we can help you.