What makes a great investment property for you
“Hello and welcome back to daily buying tips, I’m Dean Berman from Berman Buys.
Today we’re going to discuss what makes a great investment property for you.
This is quit a subjective topic.
Meaning, investing is purely individual, like your favourite flavour of candy.
For a high income earner, reducing tax might be extremely important.
For a lower income earner, increasing income through positive cash flow.
Or for someone looking to simply build wealth, a knock down rebuild may be best.
There are so many ideas and options to determine if the investment will give you the returns you want.
The most common questions to ask about a great investment property.
Are you looking to buy property for wealth, income or something else?
Is capital growth or strong rental returns more important to you?
Does the property need to be built from a certain type of material such as brick or would weatherboard be fine? This can effect the price you pay
Is the aspect important? i.e. north or east
Will changing interest rates affect your ability to hold the property?
Are you looking for a wow factor such as views, cbd or water location?
Does the property need a certain land or internal size?
Is there public transport, shops, schools and places to get food or drinks?
Is there flooding or socioeconomic issues locally?
Are incomes rising or falling?
What do people do for work?
Are vacancy rates high or low?
Is the population growing quickly? Sometimes this is good, sometimes not so good in my opinion
One of the most important questions to ask.
Will my tenants enjoy living here?”