You want great tenants.
For that, you’re going to need a property that’s in an attractive location. The best tenants know what they want and will walk away if you can’t give it to them.
That leaves us with a question.
How do you choose the right location for your investment property?
Let’s cover some of the basic tips here.
Tip #1 – Check for Infrastructure
Tenants want to live in thriving areas. Such locations have good economies, which means there are plenty of jobs available. They’re also exciting places to live in as tenants can see constant improvements getting made.
There are plenty of stats that you can check to see how a location’s doing. However, it’s the planned infrastructural improvements that prove most revealing.
If a local council has a lot of planned improvements, that means they’re confident in the continued success of the location. These improvements also benefit tenants, which makes the location much more attractive.
Tip #2 – Always Check Transport Links
Good transport links are essential, especially when buying in the outer suburbs. Many great tenants want to avoid city life, but they also work in a city’s CBD. They need ways to get to work easily.
Check for access to freeways and major roads. Make sure that the location’s public transport network is up to scratch.
You need to check that it’s easy for people to get to work or get the kids to school.
Tip #3 – Use Technology to Check the Location
There are all sorts of technological platforms out there that provide data about your location. These reveal facts and figures that help you figure out what state the location’s in.
Plus, there are technologies, such as Yabonza, that help you to get the most out of your investment once you’ve chosen a location. Yabonza provides you with an asset manager who’s always looking to make improvements. These make your property more attractive to the best tenants in your location.
Many people will tell you that choosing the right location is crucial to your success as an investor.
Use these tips to find a location that attracts great tenants.