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Understanding What to Look for in a Residential Property Investment
Investing in residential property can be an effective way of ensuring that you meet your financial goals and have a comfortable retirement. The question is, what to buy? Many Australians wanting to invest in residential property are not clear on what they should be looking for. Before you buy, be sure you have a clear idea of the kind of residential property that makes a marvelous investment. It will be easier for you to make the purchase decision.
When looking for residential property as an investment you should ensure that the neighborhood has exceptional infrastructure or that public works are planned and will be available in the near future. Renters and home owners prefer homes that are within walking distance of parks, train stations, shops, and schools. By looking for homes and apartments in localities where these facilities are already available or are likely to be developed soon, you will be able to ensure that your property is not vacant for long.
Modern Floor Plan
Another must for tenants is a modern floor plan –whether they are renting a town house, an independent house or an apartment unit. Pick floor plans that suit modern sensibilities and you are more likely to be able to attract a tenant soon and for the rent you expect.
Find Sought After Locations
Residential properties that are located close to the central business district, on the waterfront, or near eclectic bars and lifestyle restaurants are likely to appreciate faster than those in difficult to reach areas away from many of the amenities that cities provide. These residences are also much easier to rent out. As such before you invest in a residential property look for features that tenants and other buyers will want, not what you yourself would consider desirable.
Look for Houses in the Mid Price Range
When investing in residential property, look for houses and apartments in the mid-price range since these will appeal to a larger section of the population. Homes on the high end and low end of the spectrum, such as student accommodations or very pricey homes, could be more difficult to rent out. By focusing on the middle range of houses and apartments you are more likely to have a steady supply of tenants.
Ease of Maintenance
While designer homes are sterling and strategic buys if you are planning to live in one of them, tenants are more likely to be looking for easy to maintain houses or apartments that will enable them to live in comfort. Look for properties that are designed to be low maintenance and you will be able to locate tenants for your properties that much easier.