How to find the Ideal Rental Property to Invest in
Investing in property can be a challenge, and you should ensure you are taking into consideration a wide range of factors before you jump head first into a property investment deal.
If you’re looking to rent out your home or you have an eye on an investment property that is looking to tick all the boxes when it comes to return on investment, you should take the time to do thorough research to ensure all elements of the property suit both your needs and budget.
Some things to consider when looking to invest in a property to rent out include:
Investing in property can be a challenge, and you should ensure you are taking into consideration a wide range of factors before you jump head first into a property investment deal.
If you’re looking to rent out your home or you have an eye on an investment property that is looking to tick all the boxes when it comes to return on investment, you should take the time to do thorough research to ensure all elements of the property suit both your needs and budget.
Some things to consider when looking to invest in a property to rent out include:
- Target market – is the local area in a highly popular rental market with a population of possible tenants including university students, long-term renters and a captive audience of tenants demanding top quality rental. It’s important to take a look at your rental market to determine if there is a demand for property rentals in the area you are looking to invest.
- Demand for property – ask around and find out what properties are popular including apartments, houses, townhouses and luxury homes. There is no point investing in a 4-bedroom house if there is a massive demand for inner city one-bedroom executive apartment.
- Number of bedrooms and features – the number of rooms in your property is one of the key features as are the general features including car parking, heating, air conditioning, garden and storage so be sure to look for properties that offer a wide range of features for a wide range of tenants.
- View currently listings – when you are looking to invest in a rental property have a look at current rental listings to get an idea of what properties are currently renting for.
What streets and suburbs are most popular and in high demand, what are the sale prices to get a better understanding of the rental market?
When you do find the perfect rental property to invest in, the next step is finding an experienced property manager to help you manage the listing and ensure your tenants pay on time and your property in maintained to the highest standard. A good property manager goes above and beyond to ensure all maintenance is carried out on your property in a timely fashion and all rental properties leases are managed professionally and legally.
Property managers have a current email list of possible tenants, the best knowledge of the local area and a deep understanding of some of the best options for leasing investment property at the highest rate so you can get the best return on investment.
At All Ways Property Management, we believe diligent tenant selection, market rent, high occupancy equals maximum returns. We are passionate about property management and all areas of property investment and support out investors to get the best results for their property.
