Once you’ve identified whether an area has potential for or evidence of growth, it’s vital to carry out thorough research of the location. Make note of any selling points in proximity to the houses you’re looking at – schools, public parks and public transport options are all highly sought after features. It’s also beneficial to reach out to property experts – such as those at Ray White Surfers Paradise – to investigate recent sale prices on neighbouring streets to determine whether the investment is worthwhile.
Depending on the amount you’re willing to spend, there are numerous avenues from which you can explore house features that will attract tenants. Many people who are new to the investment property world opt to purchase a cheaper home as a creative project, one to fix up and fit out themselves. However, this is an expensive way to enter the market as there are plenty of hidden costs involved.
Purchasing an investment property that’s already at a high standard means you’ll be able to get tenants in quicker. Sought after house traits include:
Spending a little more usually results in a higher return on investment as you’ll be able to charge higher rent for a nicer property.
With all that considered, what are you waiting for?