Joining the property game and finding yourself the perfect investment property to add to your portfolio can sometimes feel risky. There are a few things to consider to help you find the property that will ensure a good return.
Balance the three P’s-Price, Property, Position: Provide a balance in all three areas, don’t focus on just one. Thinking about the three P’s and creating a perfect balance will ensure you get a property that will increase your rental return and work within your budget.
Close to the CBD: Most quality tenants want to live 2-12 kilometres from the CBD
Close to public transport: Most potential renters like to be located within 10-12 minutes walking distance from public transport to ensure easy access to the CBD.
Choose a unique property: Supply and demand determine price so avoid buying an apartment in a block of 12 or more.
Research what’s happening in the area: Contact your council’s town planning department to see what construction is planned for the area in the future.
Remember you aren’t buying for yourself:Think like a renter and don’t get attached. Search for a property that will suit the needs of your target tenant and will double in value in the shortest time.
Featured image: 2/56 Leamington Street, Reservoir. Unit sold and rented by Ray White Reservoir.