How do you choose the best location?
According to the Australian Securities & Investments Commission, it’s a good idea to invest in familiar markets that will take less time to research, look for areas where high growth is expected and buy in suburbs where rents are high compared to the property value, and vacancy rates are low. It’s also important to look into proposed developments or zoning changes that may affect the future value of the property.
There are several other factors besides which suburb to build in that you should consider!
Public Transportation:
Being stuck in traffic is a pain, especially you’re stuck in it day to day! Which is exactly why more and more people are considering alternatives to driving, such as using public transportation. Whether you’re planning on renting to University Students or Professionals, people like being close to the city for work, school, and play. Which is why it’s recommended to invest in suburbs a maximum of 40 km to the CBD.
Schools:
This factor is essential, you want to be able to rent to a variety of tenants! When a family is searching for a new home, it is detrimental that there are good schools nearby. Use school catchment/ school zone maps to determine if the property you are planning to buy is near any good schools.
Safety and Security:
We’re not talking gates and alarms, we’re talking a sense of peace and calm. Renters want to know if they will be safe, and their cars and homes will be safe. Neighborhoods that are affluent, economically stable and crime-free attract buyers and long-term tenants, especially those with children.
Street Appeal:
Little things like pots with flowering plants, a unique, handcrafted mailbox that matches the style of the house or a bright coat of paint on the garage doors can give your house a beautiful, polished edge. These details are easy to add and are inexpensive.
Look for other factors that boost curb appeal, like a picket fence, a front veranda, or pathways made of bricks or pavers and leading to the doorstep. They all increase the perceived value of the property. Also, how do your neighbor’s homes and yards look?
Beautiful Views:
Homes with breathtaking panoramic views are always in demand. If you’re able to find properties with spectacular city or ocean views, you’re ahead of the game! It will add value and you will be able to rent for more!
Orientation:
A house that has good positioning or can be easily adapted is considered energy efficient! Poor orientation and lack of suitable shading results in not enough sun in the winter and overheating in warmer months.
Orientation is sometimes overlooked when purchasing a house. Yet well-designed shading, glazing, cross-ventilation, and high-efficiency space conditioning can add thousands to your property value.
The process of finding a property in the best location is quite complex, but if you remember even one of these tips you’ll be better off than most!
If you’re wondering how we might help you achieve your wealth through property, click here and fill out the form for a free, no-obligation chat. If what we’re saying doesn’t make sense and get you all tingly, you don’t have to speak to us ever again. But if it does, and you can imagine a future where you have a multi-million dollar portfolio of properties to play with, we’ll help you get started as fast as possible.