Use your head
While the decision to buy a family home is usually very emotive, buying an investment property should be based on a logical calculated process; investors need to remember that an investment property is a purchase from the head.
Location is top
Location plays a key role in the success of your investment and not just in terms of helping to attract quality tenants, but also giving you a better opportunity to enjoy long term capital growth.
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.
Suburbs that are experiencing population growth, will also tend to perform better than those where the local population is in decline.
Tenant appeal
To maximise your rental return, look for properties that appeal to tenants. Ask yourself ‘could I live here myself?’
Smart investors want someone who will look after the property, pay the rent on time and not interfere with the neighbours’ peace and comfort.
Dirty, dilapidated or rundown accommodation will not attract that kind of tenant.
For further info, call John on 9771 4555.
