Whether it be your first investment property or you are wanting to add to your portfolio, look for:
Look for a quiet street within an easy walk of public transport and open spaces, shops and restaurants.
Good natural light will always attract tenants.
- Balanced Accommodation
Look for properties with a good layout and well proportioned rooms. Avoid high level units without a lift and ground floor units without good gardens.
Built-in cupboards and good storage space are vital. Well equipped kitchens and first class bathrooms score highly too.
What is the street like? Would the surroundings appeal to your target market? If you have a unit, the communal areas should be tidy.
- Always put yourself in the shoes of potential tenants
By providing an attractive letting property, you’ll be able to attract better tenants and reduce empty periods.
- Leave a little left-over
Avoid the temptation to spend so much on buying your property that you can’t afford to bring out its maximum potential. If you need to make improvements, get them done. As well as letting benefits, they can add to the capital value of your property.
- Look for double rooms
If a unit has two bedrooms, the second should be a double. If you have only one bedroom, consider a sofabed in the living room.
- Minimise all your property’s negative features
A badly shaped room will need all the design help it can get. A dark room should be lit in the best possible way - large mirrors can be a great help.
- Keep the property in first class order
Redecorate and improve on a regular basis and between tenancies if necessary. Tired decoration and worn appliances won’t just reduce monthly rental, they also reduce appeal which leads to longer periods between lettings.