Whether you’re just looking to get your foot in the property market (first-home buyer) or looking to start expanding your property portfolio, there are always considerations to be thought of when purchasing property. From choosing the right property type, location and what must-haves you should keep an eye out for, ensure you’ve done your research.
Choosing The Right Property Type
This one essentially comes down to budget and choosing what is most viable for you. Choosing a low-maintenance property will likely lead to less hassle for you, a home with a large pool and yard may be an enticing factor for a family to rent but on the flip side, this is another part of the property you will need to oversee. If you have your heart set on a specific area do some serious demographic research and find a property that is likely to suit a large portion of that demographic. For example, if you live in a beachside suburb with a high percentage of pet owners and young families, a 1-bedroom apartment may not be the best choice for you. Alternatively, if you’re looking to invest in an inner-city area, young professionals are likely to be your rental demographic so a smaller, low maintenance home will likely be the best choice.
Getting The Right Location
Purchasing an investment in a booming suburb or pocket is an obvious choice, but, there will always be streets or areas in those suburbs that are more coveted than others and this is where you can secure a successful investment future. If you’ve found a great suburb but the street is full of older homes that are going to be knocked down and turned into apartments or townhomes, this may impact the outlook of your potential investment if it gets built out. Further to this, what are the surrounding areas used for that could impact the liveability of the area, if they make the street less desirable then that is something to seriously consider. Looking at bit harder at the streets within these blue-chip suburbs will surely pay-off in the long run.
Property Must-Haves
To get the most value out of your investment there are things your investment property will need to have. If you have invested in an apartment, an allocated car park is key for a pretty simple reason, it’s convenient. If the apartment is in a new building, it’s likely more and more people will be moving-in which means less parking spots will be available. This is something that will seriously impact a potential tenant’s choice to rent your property. Another key factor is choosing a property that has the right key ingredients you cannot change. For example, you can renovate your kitchen, but you can’t change the accessibility of the building or the position of the block. It’s always wise to consider your options carefully and with the future potential of the property always on your mind.
Looking to invest? Contact Team Etchells for expert real estate advice.
Donna Etchells - McGrath Estate Agents 