3 Elements in chossing a rentable Investment Property
@home Property Management Solutions Launceston
Real Estate, Real Estate Agencies, Property Management
Many prospective investors often overlook one of the key aspects of research when purchasing a property, which is to ask their property manager what they should consider when looking to purchase a good investment property.
@home Property Management
When purchasing an investment property you need to ask yourself “If I was a tenant what would influence my decision to rent a property and call it home?”
The three elements that are essential in attracting and retaining good, long-term tenants are Comfort, Privacy and Security. If the property you are considering purchasing has just one of these elements missing, then start looking at ways you may improve it. If you can’t do much with the property, then move on to a property that can offer all three.
Let’s look at these elements individually:
Comfort – Everyone wants this. Cool in summer and warm in winter. What used to be considered a luxury is now considered a necessity. At the very least in Tasmania, without adequate heating and insulation , you will find very few tenants will rent your property long term and if you have a vacancy property in the winter months, you can almost guarantee you will have extended vacancy. Set out to make your property as comfortable as possible. Just imagine it as if you were going to live in it yourself. We always say – “If you wouldn’t put your mother in your property – then don’t expect someone else to put their mother in it”.
Privacy – Who wants to be looking straight into the neighbour’s kitchen or bedroom? Ask yourself questions like: Can outdoor screens be fitted? Is there a place for tenants to have a small outdoor setting and pot plants (many tenants have them)? Are the window furnishing block out an night?
Security – We should all be entitled to it and we should all feel safe in our homes. Good investment properties should provide good lighting (particularly in common areas such as carports and walkways) and good locking devices on all windows. Security doors should be on all properties. Gone are the days of the old fly- wire doors. When investing in property it is important to be conscious and aware of the tenants’ needs. If you want a good, happy, long-term tenant and stability of income, then provide them with a good and safe property. It doesn't’t have to be flash, expensive or in the best suburb, but it does have to contain the three essential elements. If you are considering purchasing an investment property, please feel welcome to get some free advise from our property management team.
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