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Invest in property

Choosing your investment

When choosing an investment property, it’s important to think with the head and not the heart. You want to make sure that the home that you purchase will appeal to a wide range of tenants, as well as considering elements that will make maintenance on the home easier for you.

We’ve compiled some handy tips which may be useful to consider when making your investment property purchase.

Location

When you are choosing a home to live in, you look for locations which offer benefits such as proximity to public transport, schools, shops and amenities. When you are choosing a rental property, this is also important. By reviewing suburbs within your budget and matching them with their location benefits, you should gain a clear insight into the areas that are best suited to your investment. Once you’ve chosen your top location options, research the market in those areas. Look at elements such as:

  • Vacancy rates.
  • Sale prices.
  • Rental prices.
  • Projected population growth.
  • Future infrastructure.
Type of property

Choosing the type of property you want to own is also a vital item to consider early in the process.

Apartments

Owning an apartment may be a more affordable option, give you access to more central locations and produce higher yields. Maintenance is generally less involved, however it is important to understand the strata or complex costs that may form part of the purchase.

Houses

Houses remain a popular investment choice as the land may offer capital growth opportunities. Houses generally will cost more to maintain, but the opportunity to add value through renovation is high. They will also appeal to a wide demographic and may entice longer term tenants.

Townhouses and Villas

These properties may offer many of the benefits of purchasing an apartment, but with lower strata and maintenance fees. The land size included with these property types is usually smaller than that of a house; offering a balance between apartment and house options.

New or established

Buying established

Buying established may seem the easy option when purchasing an investment property. What you see is what you get, and there is likely to be more information about potential rental income or even better – already have tenants when you purchase!

However older houses will require more maintenance, and when you purchase there may be an initial outlay for fixtures or fittings that need immediate attention.

If buying established, it’s important to organise a pest and building inspection prior to purchase – so you know exactly what you are getting yourself in for.

Buying new

A new property is likely to be clean and modern, with appliances and potential property issues covered under warranty; meaning less outlay to you. There may also be greater depreciation benefits.

A new property may be more appealing to tenants, giving the opportunity for premium rental prices. The infrastructure and communities created around new property estates are also likely to be state of the art, therefore attracting a complementary mix of home owners and investors.

Research and understanding is the key to a successful property investment. Take your time, understand your requirements, and ask professionals. At Resolve Finance, we are able to offer a complete solution to all your investment property needs.