Buying an investment property comes with a lot of questions, and rightly so.
Where should you buy? What kind of property should it be?
But there are some things every investment property needs if it’s going to achieve the capital value growth that you want it to.These are your must-haves.
An allocated car park
We’ve all seen the reports about single car spaces in prime locales fetching hundreds of thousands of dollars.
There’s a reason for it: every year there are more potential residents and an ever-decreasing amount of space in which to park in our capital cities.
It’s not enough for your property to have access to a general parking area – the car space must be assigned specifically to your property.
A level of scarcity
The equation for capital growth in investment properties is simple: if there’s a lot of people who want a particular type of property but there’s not many of those properties available, you’ve got a recipe for success.
Buying a property in the best possible suburb, or in a suburb that you believe is about to boom, is something of a no-brainer.
But look harder within those suburbs and you’ll discover that some pockets or streets are much better for investment than others.
Being in a blue chip suburb is really important, but not just being in any part of that suburb. You then look for a good street, and that’s not just in terms of its geographical location but also its consistency. The architectural style of the properties within that street are really important to take into account.
Nail the things that can’t be changed
While you can always add value to a property by renovating or upgrading certain parts of it, it’s important that you select a property that possesses all the right underlying attributes.
The important thing to take into account when you’re buying a property is to get the things about that property right that you cannot change, for example the position within the street and the position within a block.