What makes an exceptional investment property?
Are you looking to buy your first or subsequent investment property? If so, you might be interested to learn what makes a great investment property. Similarly, if you’re selling your home and want to attract investors, here are some key elements to consider.
Proximity to shops and transport
The best investment properties are those that have easy access to amenities such as shops and public transport. Neutral Bay has a wide range of excellent transport options, making it the perfect choice for your next investment property.
There are three different options for residents of Neutral Bay to get to the Sydney CBD. These include trains, buses and ferries. By train, it only takes around 5 minutes to get to the city and fares are very inexpensive.
A bus ride takes just a little longer and a ferry trip only takes around 14 minutes. With all these transport options, Neutral Bay is a highly sought-after suburb for investors.
Shoppers are also well-catered for with a range of supermarkets, clothing and gift shops, cafes, bars and restaurants. Plus, services such as medical practitioners, hairdressers, and beauticians are also in abundance.
Light sunny spaces are high on the list
Homes that are full of light are a real draw-card in Sydney. North-facing houses are ideal because they let in a lot of winter light for extra warmth but stay cooler in summer.
A home that is bright and airy is likely to attract excellent tenants and fetch a better rental return. Remember that even though you won’t be living in the home yourself, your tenants will be.
When looking for an investment property, always consider whether it would be one that would appeal to owner-occupiers or whether you would enjoy living in the home yourself. If you can answer yes to these questions, then the property is likely to appeal to high-quality tenants.
But, be sure to remain somewhat detached so that you’re thinking like an investor and not a resident. Remember that not everyone likes the same styles or colour schemes.
A neutral colour scheme is always best when it comes to investment properties as this will appeal to a wider range of prospective tenants.
Plus, the home will be easier to sell when it comes time to cash in your investment.
A well-maintained property
Well-maintained properties that have a good design and layout are always snapped up fast by tenants. Pay particular attention to the kitchen and bathroom as these are what tenants will be looking at with a more critical eye.
Remember that property investment is a long game and ultimately, you’ll be looking for that capital growth to build your wealth for retirement. So, while rental supply is low at the moment and demand is high, this may not always be the case in years to come.
So, consider this when purchasing an investment property now. Look for a property that may need some cosmetic upgrades but not one that needs structural work.
Good-sized rooms
In your search for the perfect investment property, look for homes that have good-sized rooms with plenty of natural light. Steer away from those that have poky rooms that are dark and uninviting.
Also, consider whether the property has a nice outdoor space or balcony for relaxing and entertaining. Outdoor entertaining is popular in Neutral Bay and prospective tenants will be looking for functional and easy-care outdoor spaces.
Looking for an investment property? Talk to us!
At HPA, we have a wealth of experience in buying and selling property, as well as managing assets for our landlords, and we understand exactly what makes a great investment property. So, if you’re in the market, feel free to give us a call.
