When you’re looking at purchasing an investment property, it’s important to focus on ways to make your apartment more enticing for potential tenants. This can range from making sure that your property is close to transport links and entertainment, to ensuring that it has plenty of natural light and storage. Most of these features are common sense, but can easily be forgotten in all the excitement of buying an investment property. Let’s look at the top five features you should have on your shopping list when purchasing an investment property.
The importance of location is something you’ll hear a lot of from real estate agents and professional investment companies. An ideal location for an investment property that will help you attract the right type of long term tenants to your property is:
- In an inner suburb of a major capital city
- Near to buses, trains, trams or ferries
- Close to shopping facilities
- Near schools or other educational facilities
- Near to entertainment and health and sporting activities
2. Natural Light
Don’t underestimate the power of a well designed apartment that’s been built to take advantage of plenty of natural light. This is particularly true of north and north eastern facing properties, as they get the most sun during the daylight hours, and these apartments often go for a higher premium rent than those with a different outlook. A property that is flooded with light will seem bigger and more spacious.
Storage is often one of the first things tenants will look at when inspecting a potential property. Because of the compact nature of most apartments, people will need plenty of room to store miscellaneous items such as linen, sporting equipment, children’s’ toys, files and other documents. Apartment storage can take many forms, including hallway cupboards, under stair storage areas, and storage cages that can be located close to parking.
4. Gas Appliances
There is a definite preference within the market at the moment for gas appliances in the kitchen, such as oven and cooktops. People often prefer to cook with gas, especially on a cooktop. Although it’s probably not something that would put them off if they loved your apartment, having gas appliances is certainly something that would make them seriously consider your investment property over the competition.
5. Security Features
Security is something that can be overlooked, but it can be a vital factor when tenants are looking for a home. Security elements such as intercoms are generally standard in most property developments, but features such as lockable parking spots, secure mail boxes and security entrances can put your apartment in a league of its own when tenants are inspecting the property.