2014 is proving to be a great year as the market for rentals are picking up – with many of our properties leasing quickly, so if you are thinking of buying your first or perhaps another investment property, here are our top tips on how to choose the ideal one.
- CLOSE TO AMENITIES – The property should be close to amenities such as shops, schools and public transport. This doesn’t mean it needs to be walking distance, but certainly not too far out or in the middle of nowhere. A short drive is fine – walking distance is fantastic.
- DEPRECIATION BENEFITS – For depreciate benefits something new or newer is great, but it’s not the only deciding factor. A property that has been well maintained or one that you can do-up will be good too. You can still benefit from depreciation deductions for older properties, especially if you or someone else has renovated or updated things such as paint, carpet, kitchens etc.
- CLEAN – Some properties are sold with immaculate presentation, others not so much! Either way – when you go to look for a tenant make sure the property is immaculate. Good & Great tenants will not consider dirty properties and you are likely to attract tenants that no one else will lease too if it is not sparkling!
- LOW MAINTENACE OR INCLUDE GARDENER – In general, tenants will not have the skill or the desire to maintain the botanical gardens! Even if your property is a full block – make sure garden beds are mulched and the garden is generally simple to maintain. If it is a big yard or the botanical gardens I’d suggest you employ a regular gardener and include the garden maintenance in the rental amount where possible.
- TENANT DEMAND – Make sure there is plenty of demand for the style and type of property you are looking to buy. Family homes are often overlooked but there is huge demand from good families. Units are fine, but I’d personally choose a smaller block of units– I’d stay clear of huge developments of units. Apartments are different – I think they generally suit a different clientele and there will be more demand for them over time.
We’ve got plenty more tips for helping you choose the right property – please feel free to call us to discuss your situation or answer your specific questions on 03 9308 2277.