Easter Shopping for a Rental Property?
Are you using the Easter break to shop around for Investment Properties in Brisbane? Great time to do so for two reasons, you’ll have the time and it’s said the market in Australia is on recovery route…so get in while you can before pricing keeps climbing!
Here a few tips on what to avoid
When you are shopping around for an investment property in Brisbane it should be kept in mind that just because you find a property with a good price, does not necessarily mean that it will make a good rental property. There are simply some properties which are more suitable to renting than others. This can be one of the most common mistakes many people make when they purchase their first investment property particularly. By understanding which properties should be avoided, or at least how to handle problem properties, you can be more confident of finding a suitable investment property
Does age have anything to do with it?
Older homes are a prime example of properties which do not make the Investment Properties. One of the main reasons older houses do not often make good investment properties is the fact that they are simply more prone to have things go wrong with them. In some cases, this can turn out to be quite expensive. You will have two choices when dealing with an older investment property; you can either spend the money and renovate or you may wish to ask less for renting it out. The latter is risky as most renters, if they have a choice, will rent a property that is newer and in good repair. Not only that, you will attract a different type of tennant. Plus you in a better position to offer your investment property to be safe, secure and have working systems and appliances. Some of the main problems you may run into with older properties include plumbing issues, roof leaks, cracks and settling, electrical problems and replacement of appliances
Older properties are not only frustrating because they tend to have systems and appliances that break down but they can obviously be expensive in many regards. Not only will you have to pay for the repairs but more often than not the repairs will need to be made when you least expect it and during the least convenient times; which usually translates to an even higher cost
What appeals to you might not be good for you
Homes with pools also do not make ideal investment properties. At first, you may see a propery with a pool as an advantage which would be appealing to prospective tenants; however, this is not always the case. Many prospective tenants, especially if they have young children, do not want to live in a home with a pool because of the risk factor. You should also take into consideration the issue of liability as well as the cost of maintaining the pool
Thinking of doing your own maintenance?
In addition, investment properties that are considered to be high-maintenance may not make the best properties. Consider how much time you are willing to spend each week working on your own home, if you are a homeowner. You might find the tasks of weeding, mowing the lawn and watering the flowers relaxing maye rewarding. The thing about tenants; however, is that they are often not willing to perform these tasks for a home they do not own. If you have an investment property that requires all of these tasks consider hiring someone to handle the yard work and then including the price in the rent. You will be able to guarantee that the work is done and your investment property does not look untidy without having to actually worry about it yourself
Location, location, location!
Location is always important when it comes to real estate and that is no different when choosing an investment property. Properties which are close to amenities such as shopping, schools, worship centers are generally considered to be in a good neighborhood will typically make better rentals than homes that are located on busy streets or which are not near such amenities. Therefore, it is always important to make sure you keep location in mind when choosing your investment property because most prospective tenants will be looking for properties that are in good locations. If there is competition on the market, a tenant might choose a rental that is in a better location even if it means paying a bit more in rent.
So when you’re spending a bit of quiet time this Easter checking out online or the papers (many still do!) keep above points in mind and then go for a drive to check out the details of your potential investment property in Brisbane