1. Choose the right location
The location should always be at the top of your list when searching for a property to rent out. You need to take so many things into consideration i.e. weather, tourism, amenities, activities, landmarks, etc. You should try to find a location that has a high rental demand.
2. Who is your target audience?
If you do not know whom you want to cater to then you will never know which type of property to invest in. Are you trying to target students? If so, then you are looking for easy, clean, and compact living that won’t cost them a fortune, so it won’t need to be very luxurious. Or, are you looking to house a family of five? Then, you would need to offer a home that can be played around with to suit their needs. If you offer a blank canvas, you are more likely to find long-term tenants if you allow them to make their own mark on the property.
3. Compare bonds
You should always see if you can find a better bond somewhere else. My ex-boss told me to ALWAYS gather at least three quotes before coming to a decision on a product, and I stand by this today. If you can save money, no matter how big or small, do it. If you need advice, find yourself a reliable bond originator whom you can trust, and allow them to assist you.
If you have the patience and skill to renovate a property yourself, or higher others to assist you, this is a brilliant avenue to take. Upcycling is always so much fun as it gives you an opportunity to create your ideal property at a lower cost instead of building from scratch. Make sure the price of the property is low enough for you to cover the renovations and allow yourself some extra costs if necessary.
5. Be prepared to spend more than anticipated
You should always have a safety blanket when it comes to investing in property. You need to prepare for all eventualities in case something goes wrong that you hadn’t anticipated. Always expect the unexpected!