Sometimes a little bit of guidance on how to invest in property can go a long way. So we have some property investment tips to share with those of you keen to know how to invest in property and want to know the decisions that go into building an investment property.
When looking building an investment property, how do you decide where and what to build? These are two very important questions to ask when figuring out how to invest in property and I will start with the ‘where to build’ question. It is important that you identify a location that can meet the majority of the following criteria now or in the future:
- Close to public transport and arterial roads
- Close to public amenities such as shops, sporting facilities and recreation options
- In close proximity to a good selection of reputable schools
- In a growing suburb with a strong community and a good reputation
- In a well-planned estate or suburb with plenty of parks, trees and walkways
If you are building rental properties in an established suburb, a good property investment strategy is to make sure there is still potential for growth and if you are building an investment property in a new estate, check out the credentials of the developer to make sure they are experienced when it comes to developing quality communities.
In response to ‘what to build’, I can offer you some property investment tips. I want to outline a few key pieces of advice to make sure you are building an investment property with strong rental appeal:
- Identify your target tenant based on where you are building – are you building inner city or suburban? Are you building rental properties for young couples, workers or families?
- Choose a design for your investment property that will appeal to your target tenant
- Keep the house design flexible so tenants can adapt the layout to suit their needs
- Keep the interior design neutral and contemporary to ensure it won’t date too quickly and will appeal to a broad range of people
- Choose interiors that can withstand high traffic and wear-and-tear such as durable carpets and window treatments
- Use low maintenance products and fixtures to minimise your ongoing costs
If you need any extra hints and suggestions on how to invest in property, our team of Property Investment Specialists are happy to help and can be contacted on 9200 7200. Alternatively, if you'd like to get started srtaight away on your investment journey, download our Assist Kit which includes plenty of property investment tips and resources.
If you have a question about building an investment property or your property investment strategy, I'd love to hear from you at AskPeter@investorassist.com.au