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Who are You Buying For?
Purchasing an Investment Property is a Big Deal.
There is a lot of talk about what is the best location, capital growth, yield etc. but have you thought of who is going to be living in the property?
A tenant needs to find your property desirable enough to want to live there. So which tenants do you buy for?
A tenant needs to find your property desirable enough to want to live there. So which tenants do you buy for?
- The small or large family, that want to be near schools and be part of the community
- The empty nesters that don’t want a lot of yard maintenance so they can travel frequently
- The first timers, just moving out of home and wanting to be close to the cafes and shops
- Professionals like to be close to transport and entertainment.
Check the demographics for the area you are thinking of purchasing in to see what would be the most suitable tenants for the properties provided. Eg lots of units with surrounding eateries. What is the average age of the population? Are there many primary and secondary schools to choose from? What is the transport like for entertainment or higher education?
Choosing your ideal tenant can help you choose the property which is right for them, this can help you gain longer term tenants as the location is also keeping them happy.
