Looking to buy an investment property? Real estate investor David Wayne's advice is to take a good look at your own financial situation and then, as best you can take a closer look at the property you're considering buying.
"I would try to visualize as much as possible what I want a home to look like in my mind, and then look at the type of property, whether it's a condo or a detached villa, as long as it fits my own vision of what a home should be," Wayne claims. Wayne shifted his career focus from accounting during a time when he was in the midst of his 50s, to Lawyer.
"You need to be able to understand what's going on inside your potential client's mind when they're picking out a property, that the property they're buying will attract as many tenants as possible and generate rental returns they look for."
Want to buy your own investment property that will give you a great rental return? Want to sell your home in a rising market capitalization? Then you need to know the following 10 things.
1. Market demand
Make sure you've done your market research, you need to know what types of properties are most in demand in different areas or will be soon in demand. Once you've determined that you're ready to buy a property based on this. Negotiate with the property manager to advertise for rent, talk to the buyer's agent to find out what type of property is most desirable today and in the future.
2. The Long Vision
Don't just look at the possible rental returns now, but more importantly look at some of the capital growth aspects. Sometimes these things are the defining presence.
3. Public Transportation.
Another key point is to buy property that is close to public transport facilities. David Wayne has successfully sold a home he lived in on the East End and is now actively looking for his next property.
Personally, he says he likes Elizabeth Bay and Potts Point. The main reason is that they are a healthy community and there are many bus lines. To get to the Kings Cross train station there, there are many Public transport and you are also within walking distance to the Sydney CBD.
4. Median Price
In addition, the property you buy can be priced close to about the median price for the area. For example, if you buy a property that is around $1 million, you will get a rental return of 1,000 per week. So if you buy a $1.5 million property, do you think your rental return will also rise in the same proportion to 1500 a week? If you don't have one, then you're spending that extra $500,000 investment amount, which is obviously a bad deal.
5. Pre-purchase research
If you're looking for a new apartment, it's essential that you first research who the developer and builder of the apartment is and see what are the reviews of other condominiums that are already on the market. As a careful investor, you can come in and talk to the residents of the apartments to see if they are happy living there.
6. Advantages of Existing Homes
If you are planning to buy an existing home, then condos with attractive exteriors and small parking lots are the most popular. If a condo is a very sought-after sales hit, it's likely to be a popular choice for rentals as well. Another advantage of buying an existing home is that you won't be faced with the same drawbacks or new problems that come up anytime you buy a new home. Things like finding out there's no elevator or pool in the condo you bought, for example.
7. Potential buyers
Check the source of potential clients in your area. Are there any universities, colleges for particular professions or training centres around? Focus on whether your property is always in demand.
8. Location of the property
Location wise, close to CBD areas such as Surry Hills and Darlinghurst and it's always going to be a good rental return. Their location dictates that both condominiums and single-family homes will be popular options in the minds of tenants.
9. Property Quality
If you're new, don't immediately try to buy into a cheap property for rent. While it's not an absolute, a building being too cheap might mean that the quality it offers won't be too high and the amenities won't be too good. These are the hardware conditions that tenants will see.
10. Buying Sensibly.
Buying an investment home should never be emotional. People can't help but buy a house they like when they see one they like, but one thing you have to realize is that you are buying a house for investment purposes, and It's not for self-occupation. The factors you should consider should be the rental return of the house, financial upside, etc. Always keep a clear head.
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