Choosing the right investment property is critical to ensuring your financial success. Let’s have a look at six key areas you need to get right.
1.Know how much you can really afford.
Meet with your bank or mortgage broker and secure pre-approval on a loan so you know which suburbs and properties are genuinely an option for you.
2. Understand your suburb’s pockets.
Most suburbs have well developed areas and less developed areas. Homes in the latter should rise in value as the more developed parts become saturated but the better developed parts are going to be in more demand in the short to medium term. Understand both your target suburbs and the pockets within them.
3. Get to know your Government’s development plans.
Infrastructure helps improve the convenience and lifestyle available in different areas and so usually drives up prices in those areas. Invest in areas that are set to benefit from infrastructure spending.
4. Invest in a place that’s easy to get to.
It should have easy access to major roads and public transport to attract families and workers.
5. Put yourself in the mind of your tenant.
Consider the type of lifestyle your potential tenants would want and whether or not your property and its surroundings deliver that. This might include walkways, gyms, BBQ areas or easy access to the CBD.
6. Choose a well-built property.
Aside from location, this is the most important element. Ensure your property has been built by a reputable developer to ensure it has been well designed and constructed.
With these tips in mind, call us today if you’re considering investing and let us share with you some opportunities that have been carefully developed for their investment potential.
