ATTRACTING TOP TENANTS: TIPS FOR INVESTORS
If you’re considering property investment, one of the major keys to success can be summed up in two words: quality tenants. So what are some of the most important considerations for attracting the right tenants who will ensure the vacancy rates on your property are kept minimal and your property is looked after?
It sounds obvious, but as an investor, you want to choose a location where people want to live. A city like Newcastle is a great choice as it’s certainly on the up and up. The new terminal has just opened at the airport, making the city even more accessible. Construction is moving ahead on the university’s new campus, adding to the city’s reputation for excellence in higher education. Plus the revitalisation of the coastline from Nobbys Beach is makes soaking up the coastline even more enjoyable.
What’s more, with the city’s strong economy, world-class healthcare and lively social scene, it’s little wonder so many Australians are clambering to call the country’s second oldest city home – great news for property investors!
2. A quality property
Being a well-established city, Newcastle has many existing homes available to purchase as an investment property. However, there’s nothing like building a new house to attract high quality tenants. A beautiful new home with a modern design will appeal to renters who take great pride in their surroundings and are therefore more likely to look after your investment.
A new home also has less maintenance issues, which is not only a bonus for you as the owner, but holds great appeal for renters as they won’t have to worry about things going wrong with the house.
What’s more, if you choose to build a new custom home, you can design it to suit the type of tenant you’d like to attract. Perhaps you’d like the security of having a family renting your home as once they get their children settled into a school, they’re less likely to move. To meet their needs you could design a home with large living areas and outdoor entertaining spaces. Or you might consider the pros of attracting older tenants and design a new house that’s single storey with minimal yard maintenance.
3. Reasonable rent
Do your research on rental rates for homes comparable to the one you’d like to invest in and make sure you set a reasonable amount. The rental market in Newcastle is generally healthy, but you can keep an eye on its movement.
Rental return is another reason why building a new home is a wise choice. Potential tenants who earn a high income are prepared to pay higher rent for a new house.
Property investment is a very individual decision, but if you choose to build a new house in Newcastle, make sure you speak to the experts at Valley Homes. Our in-house team offers a complete service, taking the stress out of building and ensuring you end up with a property that quality tenants are lining up to rent.