When you buy an investment property for rental purposes, do you normally follow your gut, heart or head? Benjamin Kingsley, current chair of Property Investment Professionals of Australia said that you should use all of it as long as the prospective renter’s best interests are in mind.
This is because many investors are seduced by inferior property since they are thinking about purchasing a bargain instead of buying a solid investment property like the houses for sale Brisbane that a tenant actually wants to rent. Think about your target market and buy properties with features that renters demand.
Location. Location. Location. Always choose to buy a property close to the amenities that your target demographic needs, such as public transportation, shopping centers, and other recreational areas. Places that have a natural feel to it while still being near the CBD are a huge hit to renters.
Schools are also a major selling point. It’s common for families to rent a property in a school zone to get their child into good schools. If you want a family with school-aged children to occupy your rental investment, buy it near a school with a good NAPLAN score.
Roomy indoor and outdoor space. Properties with an outdoor area offering an al fresco living or an additional area for kids to run around and play are preferred by families as well. However, ensure that any gardens falling within the tenant’s responsibility are low maintenance. You wouldn’t want them complaining about withering plants or seeing beautiful fauna go to waste.
Lifestyle destinations. Most young professionals renting apartments or units generally want to live in properties that have quick access to bars, cafes, or the beach. They may not be able to afford to live in a house in their desired area, but they can definitely afford to rent there and have access to various lifestyle destinations.
Parking spaces. It’s very frustrating to drive to get your shopping, only to be forced to park blocks away from your house and still have to lug the shopping home. A property with a designated parking space, in this sense will generate bigger rental demand. Most houses for sale Brisbane have ample of space that can be used as a parking lot. Check it out.
Necessary internal extras. Nobody wants to leave their living space just to wash their pile of dirty clothes. Going to the communal laundry with basket in-hand is such a drag even for you, so consider adding a washing machine inside the property. Your tenants will appreciate the thoughtfulness of having an extra feature in their living arrangement. Why not throw in a dishwasher too? These extras will increase the rental desirability of your property tenfold.
Renter frequently asked questions.
- Are bedrooms big enough to fit a queen or double bed?
- Is there a toilet separate to the bathroom? Are there enough?
- Is there a storage space?
- Does it have multiple living zones?
- Am I allowed to decorate the space without penalty?
- What about policies like guests and listing on sites like Airbnb?
- Are pets allowed? If yes, is there a fee?
- Are there quiet hours or fees for communal spaces?
- What happens when there’s a maintenance problem in the apartment?
There’s more, but the list above sums up most of the concerns a tenant may have about renting the property.
Now that you’re about to start buying properties with tenants in mind, you’ll have a better chance attracting quality ones and making them stay longer. Best of luck!