As interest rates hit historical lows and property prices are steadily increasing, now is a great time for potential home buyers and property investors to make a move and get one step closer to a wealthy future.
If you’ve never bought an investment property and think this is your time to start, there are a few things you should know before signing the papers. We’ve gathered some tips so you can make informed decisions when buying rental properties.
It Is Not For You
You don’t have to love it. Think about what tenants want, not your personal taste. Location and low maintenance are two of the most important factors for most people when renting out a dwelling. A good way to select the perfect property is to picture your perfect tenant, and cater for their needs.
Location, Location, Location
The best advice we can give you is to buy in the best location you can afford. Look for public transport accessible locations, with plenty of shops, restaurants, parks, and schools around. People will pay more to live closer to these amenities.
Tenants want to feel safe and secure, so gates, security cameras, safe neighbourhoods, and so on, are great selling points that you should look for.
Tenants take better care of properties when there are plenty of efficient storage solutions. With their clutter stored away, they tend to make better use of the facilities.
Off-street or covered parking are great for attracting tenants. Parking is also a great feature when it comes time for re-sale.
Remember to find a property that appeals not only to potential tenants, but also to other buyers.