New to the investment game and not sure where to start? Here are some helpful tips to help you decide what is right for you.
What locations are the best for investment properties?
Location is something you need to consider when you're looking for your first investment home. Here are some tips for finding a location to suit your budget:
- Look for high-growth areas at affordable prices.
- Choose an area that is attractive to tenants e.g. properties that are close to shops and major centres (such as Armadale, Rockingham, Joondalup, Midland), schools and transport.
- Think about changes in the suburb that will affect future prices. New suburbs will have proposed infrastructure and new facilities that outshines older established suburbs.
- Choose an area with blocks to suit your budget and reduce costs of landscaping upkeep. Cottage blocks are great for renters as there is little maintenance required to keep the gardens looking good.
Want to know what suburbs are providing the best returns? Contact our trained consultants to find out more about the most affordable locations with the future growth.
What to look for in the home design?
The home design is important when choosing your investment property to ensure you have a home that suits the requirements of the modern renter. Here are some tips for choosing a design best suited to your requirements:
- Look for properties with features that will appeal to as many people as possible e.g. two bathrooms, alfresco area, modern kitchen.
- Look for a property that will attract more than one segment of the rental market such as singles, couples, young families or retirees.
- Low maintenance costs are important. Luckily with a new home maintenance will be kept to a minimum.
- Make sure a house design is chosen that will suit the location in order to maximise your returns.
Not sure which home design is best for your investment property? Contact our trained consultants to find out more about the home designs available in our current packages.
More helpful hints
- Look for a credible and reliable property manager to manage your investment. Ensure they have experience in the legal requirements involved with renting a property
- Always set reasonable goals and expectations and understand that property investment is a mid to long term strategy. Independent advice from your accountant is also a great idea to gain perspective
We're always working to provide the latest information and advice to investors of all ages. Contact us today to find the package that suits your investment needs.