Real Estate

Helping attract quality tenants

WHEN buying an investment property there are a few key things to look out for to ensure you find a quality investment.

John Owsnett, principal of Chambers Fleming Professionals Padstow, suggests using your head and not your heart.
“While the decision to buy a family home is usually very emotive, buying an investment property should be based on a logical and calculated process,” he said.
“Investors need to remember that an investment property is very much a purchase from the head.”
John said location was top priority.
“Location plays a key role in the success of your investment – not just in terms of helping to attract quality tenants, but also giving you a better opportunity to enjoy long-term capital growth,” he said.
“Look for locations offering good transport links and local amenities such as schools, hospitals, shopping and leisure facilities. These generally indicate an area with strong growth prospects.
“Speak to the local council to see if there are any development plans in place. For example, the construction of a new shopping centre could make an area even more appealing in the future.”
He said suburbs that were experiencing population growth would also tend to perform better than those where the local population was in decline.
“Choose a property with tenant appeal,” he said.
“An investment property that is hard to rent out will provide a drain on your cash flow, so to maximise your rental return, look for properties that appeal to tenants. Ask yourself ‘could I live here myself’?
“If the answer is no then you probably need to ask yourself if I couldn’t live here, then why do I feel a tenant should live there?”