When buying an investment property there are a few crucial elements that need to be considered before making your decision.
Of course, we all hope that property prices always go up in the long term however we can make our lives much easier in the short term by locking in quality tenants that will care for your home and of course pay on time.
Certain areas and certain features in properties attract different tenants. In order to attract the best you need to consider these 5 rules.
1. Neighbourhood Quality
This is a no brainer. All good tenants consider lifestyle quality. Your neighbourhood determines the quality of your neighbours, schools, local shops etc..
2. Local Schools
Doing some very basic research, you will find that 80-90% of quality applicants consider school zoning as the number 1 factor when making their decisions. Schools are extremely important to family demographics.
3. Public Transport and shopping
Having a train station, bus line, tram etc… are exactly the type of thing that attracts young families and professionals. Access to transportation is key when attracting quality tenants.
The features in your home such as appliances or a fireplace will make a difference when attracting quality tenants. Invest initially and reap the rewards in the long term.
This is obviously one of the biggest factors. Don’t undervalue your property. Quality tenants don’t always look for the cheap option.