If you’re thinking of purchasing an investment property, it’s important to find the right one. There are certain questions we recommend asking about each potential property to gauge whether you will get the best return on it.
What Should I Look For?
If your property has the features everyone is looking for, you’ll have a larger tenant pool to choose from. This will ensure you get the perfect fit. In our experience, these are the things most tenants prefer. Houses with these attributes usually rent long term as well.
- Clean & Tidy
- 3 Bedrooms
- Heating
- Fencing
- Garage
- Close to Schools
If you stick to this formula, and be conscious of location, then you can expect minimal drama and steady rental income. It’s boring, but priceless!
What Should I Avoid?
There are some things that may not seem too bad at first, but can cause unwanted drama. For example, if there are other owners or tenants in close proximity who don’t share your high standards, it may affect your property’s value. Here’s what you should try to avoid if possible.
- Shared driveways
- Cross-lease sections with several owners
- High crime areas
- Nice houses on rough streets
- Very large gardens (unless you plan on building a second dwelling there later)
Many people ask us which particular locations they should avoid purchasing in. We can explain all of this to you as part of a free rental appraisal.
The Golden Question
When you are viewing a potential investment property, perhaps the simplest question to ask yourself is this:
Would you allow your married son or daughter to live in the place you are thinking of buying?
If not, why not? Those are the same red flags that will make other potential tenants uncomfortable.
Get A Professional Opinion
Because we are not real estate agents, we are not involved in sales. This means our primary concern is telling you the truth. Be careful accepting advice from someone who is trying to sell you a property, as they may not have your best interests in mind. We are happy to share all of our knowledge with you, just request a free rental appraisal.
