16 Dec VIDEO – Ten things every property buyer MUST do
I believe every property investor should look at any property they’re intending to buy through the eyes of a tenant. Think about it, if the property you buy is tenant friendly then you’ll have less vacancy and better returns. Here are some other key things for you to consider and to do as you go through the selection stage. 1 research, research, research. Don’t over analyse but make sure you get all the facts. 2 look for property that will give you a good return but also provide capital growth. 3 consider the end user. By this I mean, Think of your tenant. Is it close to amenities? Is it close to transport? Would it be a convenient location for your tenant? 4 buy close to the medium price in the area. That means, by definition, you’ll be buying the property that is fairly common in the area and therefore popular and easy to rent. 5 if you are investing in a unit, make sure it has a twist and that it’s not the same as all the others in the area. It might have a better outlook, a courtyard or a private area. You are looking for something that makes it stand out from all the others. 6 look to purchase in an area that has an abundant supply of tenants. A hospital or University are good examples of what you’re looking for. 7 if you are buying an apartment, find out the ratio of tenants to owner occupiers. A building that has a higher percentage of owner occupiers will always be better maintained. 8 don’t allow yourself to make a decision about a property purchase based on the fact that you would live there. That’s not a basis for making a decision about a good property investment. Remove the emotion. This is a business. 9 do not become emotionally attached to the property. You only have to watch a renovation show to see the mistakes that can be made when people renovate to their own taste. At the end of the day, this is an investment property, and you’re buying it mainly for rental return and capital growth. 10 do something with all the research you’ve done my making a decision and secure a property. Do not be guilty of over analyzing. That’s repeating part of my second tip about research but it is the bottom line. Just do it.