What do Tenants want? How to search for a successful investment
By | 4th Jan 17

Over the last 24 months, the property prices particularly in Melbourne and Sydney have continued to climb steadily. With this, the opportunity to invest has grown, and with industry dialogue speculating rental vacancies rising with the oversupply of new apartment complexes it’s important to really nut out your strategy before you buy an investment property.

1. Understand this is not your home - If you don’t plan to live in your investment property, it’s important that yes, the property meets your specific requirements, but keep in mind how much you are spending versus the return and how you can benefit from the purchase in the short and long term.

2. What do my tenants want? Ensuring you appeal to a broad range of potential quality tenants is important. For example, a lot of people own pets, so having your investment open to tenants who own pets could be a critical factor for leasing in a highly competitive market. Tenants also expect more these days and items such as split system heating /cooling, dishwashers and updated kitchens and bathrooms are expected.

3. Buy in the right location – No matter where you are in the world, buying property with key transport links, amenities such as supermarkets, parks and schools will always be highly desirable.

4. Parking is essential – Don’t under estimate off-street or secure parking. A lot of people will pay a premium for a rental that offers a designated parking spot.

5. Low Maintenance living – Let’s face it, tenants won’t have the emotional bond to their rental home as they do to a home they own. Having a low maintenance garden or clean interiors will always be an attractive attribute.

6. Security – Tenants want to feel safe, especially females who may be living alone. Invest in window locks, security doors and sensor lights and you will attract more tenants.

7. External Presentation – If you are buying in a unit or apartment block, how are the common areas maintained? Ensure to do your research into the Owners Corporation to see if the other owners are willing to spend money to maintain and update the common areas when needed. 

The bottom line is to do your research and make sure you are buying ‘Investment Grade Property’ that will continue to provide you with good capital growth and rental returns.

Did you know we provide a 360-degree Property Consulting service for purchasing and leasing? It ensures you become part of the Advantage family and provides continuity and a seamless transition from purchase to leasing. Get in touch to see how we can help by calling 1300 697 356 or email buyer@advantageproperty.com.au