Choose the right property to attract the right tenant
It’s no secret that the WA rental market currently favours tenants, so if you’re looking to purchase an investment property it’s important to select a rental that appeals to your target market.
Unlike purchasing your own home to live in, buying an investment property needs to be approached with your head, not your heart.
Features you may value in your own home may not necessarily appeal to prospective tenants.
You need to think like a tenant and buy a property that meets their needs.
As with any property purchase, location is paramount. This is especially the case when buying an investment property.
A common tenant requirement is proximity to amenities. Be sure to buy in areas that are close to key amenities such as shops, transport and schools. It’s also a smart idea to seek locations that offer a good lifestyle.
Give consideration to the internal layout of the property you choose to invest in.
Things to consider when assessing the home include a good separation between living areas and bedrooms, the number and size of bedrooms, whether there is more than one bathroom and if there are options for storage.
As our climate is warm and favours outdoor living, it’s a good idea to factor in some kind of outdoor area into the rental home you purchase.
Whether it’s a balcony, a courtyard or an alfresco area, outdoor living options are attractive.
While many tenants value outdoor living space, it’s worthwhile choosing a home that is low maintenance.
Gardens may look beautiful, but they require a lot of upkeep so it’s best to invest in properties with low-maintenance outdoor areas.
Being able to offer tenants a designated parking space is very attractive.
A lack of parking options is an inconvenience to tenants, so it’s beneficial to look for investment properties that provide tenants with a secure space to park their car.
In order to make your home stand out, it’s worth ensuring the property has some attractive extras such as air-conditioning, quality appliances such as ovens, dishwashers and cooktops, good connections for internet and Wi-Fi. A pet-friendly property will also appeal to a wider selection of applicants.
Think like a tenant when looking for an investment property.