Investment Property Must-Haves

Hi all. Found an excellent article that I am sure many will relate to. Hope you get something useful out of this...

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.

An allocated car park

We’ve all seen the reports about single car spaces in prime Sydney 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. Wakelin Property Advisory associate director Jarrod McCabe says 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.“It must have a car space and it needs to be an allocated car space,” he says.

Location, location

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.”

McCabe suggests looking at the other properties in the street for things that could potentially affect price. If zoning will allow a large development to be built next door, that will affect your property’s potential growth.

“What are the surrounding uses? Are there any uses for a specific property nearby that might impact on your property’s livability? That could certainly impact on desirability,” he says.

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Thanks,

Salena