If you’re considering purchasing property with plans to lease it, there are some important questions to ask. Property investment is exciting, but can also be challenging. These five questions should help you achieve the best results for your investment goals.
How much will it rent for?
You want to get a realistic idea of rents of properties in the area similar to yours. Ask an experienced Property Manager to do a rental appraisal. A rental appraisal will show you the rental potential of a property. You do not want to go under or overpriced with your rent.
What are the infrastructure projects?
Look around what new projects are being built nearby. They may not necessarily be beneficial depending on the demographic you plan on targeting. New shops and entertainment centres could attract younger tenants, but might drive away families or senior tenants.
What is the local lifestyle?
The lifestyle of the suburb where your potential rental property is located can have positive and negative impacts. Go to the local retail strip, look for the standard and style of retailers there. Speak to a Property Manager who can share with you the latest local demographics and statistics in the area.
What’s in the title search?
Make sure you identify what’s for sale in the title search, such as parking spaces and storage.The best way to avoid this is to ask for a Community Management Statement, which tells you the allotment of the car parks and storage.
Who’s your target market?
It’s essential you identify your potential tenants and know what they would be looking for in a rental property. For example, if you’re going for the family market, look for a large home with a fully fenced yard and in school catchments.
Stacey Lee Realty has experienced Property Managers to handle the task of maintaining your investment and ensure your investment is working for you with minimal hassles. Call us today at 07 3399 2966 or visit www.staceyleerealty.com.au