The Importance Of Listing Your Buying Criteria For Good Rental Returns

The other day I came across a query from an investor who had bought a property that had a very steep drive way leading up to the house and which also had virtually no useable yard for tenants to relax in or use for outdoor entertainment.  I assume he got a good price for his purchase.
But what he has come to realise is that because of the steep driveway and the fact that the yard cannot be used efficiently it has restricted the different tenants who may want to rent there.  He has found that older tenants do not want to be there because of the steep drive and tenants with children don’t want to be there either because there is nowhere for the children to play.

Lay down your property criteria

There are so many attractive features to different houses, which could be colour, courtyard, price, view or whatever, but at the end of the day if you are purchasing the property as an investment property you do need to make sure that there are not aspects of the property that are going to limit who you can rent the property to, i.e. the step driveway.  It may even mean that you have to accept a lower rent to get tenants into the property.
It really is no different than buying a car or a dress, you have in your mind one thing, but end up with something else.  But with property investing, purchasing that way could impact your financial goals quite dramatically.

Filed Under: Property Investment Tips

Tags: buying investment property • investment property • property buying criteria • property investing • property returns • purchasing investment properties • rental returns