1. Follow the Light
Unless you’re heavily into the Twilight movies, most of us will gravitate towards light-filled properties. The brighter a property looks from the inside, generally the more attractive it will appear and this is essential if you’re looking to attract tenants or would-be purchasers should you ever need to sell. A darker interior will signify a dull and morose lifestyle and very few people find this appealing.
2. Drift into Space
While you may have to sacrifice some space if you want to live close to all the amenities or popular living spots like the beach, generally the more spacious a property is then the more demand it will attract. People love space and this will be reflected in the properties value. Find properties with good size bedrooms, living areas and access to a courtyard or balcony and you can’t go wrong.
3. Unique, but not too unique!
While it’s important to look for a property that will appeal to the widest possible audience, it’s also important to keep an eye out for those characteristics that help that property stand out in the marketplace. This could be a wide view across the ocean, a large room for extra storage or an additional car space. Extras like these can help your property stand out from the crowd. Be sure that it doesn’t stand out too much though. Purple feature walls or close proximity to the local nightclub will appeal to very few.
4. Keep a Lid on Supply
Prices are driven by the interplay of supply and demand and while most of us understand demand, few of us pay attention to supply. If you’re looking for the price of the property to rise consistently make sure that development potential is limited. Construction of high-rise apartments or large tracts of house and land releases can mean more and more properties coming on to the market which may not keep up with existing demand. The market typically balances out by bringing down price or keeping it stable for much longer than originally intended.
5. Strong Sustainable Demand
We all love demand as it helps push prices up. Keep in mind though that property is a long term investment and what may be in vogue today may not be present in the future. Ensure that any demand for the area is coming from a source that will be consistent for years to come and not just a single source that could be open to collapse in the future. Properties that are in close proximity to strong metropolitan areas are ideal here as they have a strong flow of income and employment that rarely diminishes.
So if you’re out looking for your next investment, remember to focus on the fundamentals and keep it simple. The best investment properties appeal to as wide an audience as possible – tenants and buyers alike – so make sure it’s a pleasant place to live, supply is limited and demand strong and you should have a growing asset for years to come.
With more than 15 years’ experience in the industry and hundreds of property purchases under his belt, Josh Masters is one of Australia’s most respected Buyer’s Agents. He is author of new book and investment guide, Why Property Why Now. Josh can be contacted on +61 416 172 900 via email firstname.lastname@example.org
The content in this paper is intended only to provide a general overview. It is not intended to be comprehensive nor does it constitute investment advice. You should seek professional advice before acting or relying on any of the content.