We all know that the key to doing well from property is in the asset selection, but what makes a good asset, are all properties good properties? Why does one property outperform the other?
These are very good questions and we believe there are some key ingredients to purchasing a property that will continue to grow and perform well even when the economy might be tight.
select a position that has good infrastructure, trams & trains. Be within walking distance to strip shopping, parks & schools. This type of infrastructure won’t be relocating; therefore there should always be s demand for accommodation near to these things.
ideally you want to be located in a quiet residential street, stay away from main roads, railway lines at the rear of your property or thoroughfares. Look for a cozy tree lined location where possible.
Tenants and owner occupiers want to be able to park a car off street, it doesn’t necessarily need to be under cover, that’s a bonus but at least 1 car space should be on the list.
This is a must, a courtyard or balcony, even a Juliette balcony will do. We have found more often than not there is a difficulty in leasing properties that do not offer outdoor space, so if it’s difficult to lease it will become difficult to sell down the track. Today’s tenant or home owner wants a space to take in some fresh air, enjoy a bbq or to have a pet.
Where possible try to have a nice outlook, overlooking trees or roof tops is lovely but a commission housing block is not – this will detract for both a tenant and an occupier.
The floor plan: This is an interesting one because what suits one person may not suit another, what I can say is that overwhelmingly most people like to have a more spacious open feel to their living than that of separate rooms, that being said the formal dining or separate dining is coming back. The idea it so look for a property that offers some scope to improve or open up if and when time calls for it.
People love natural light. If you are looking at a ground floor apartment consider where the sun rises and sets, will there be any natural light in the living areas? If you are first floor the same applies however be careful of west facing sun as it may might it unbearable throughout summer and effect the longevity of your tenancies. Of course if you are located in an area like Elwood which is full of plane trees and art deco’s – sunshine can be hard to reach your window, in particular pockets whilst sun is always welcome people will make an exception where location in kind.
Hopefully the above will prove a healthy foundation for your property search and see you profiting from your decisions down the track.