What to look for in an investment property
If you’re thinking about buying an investment property, you’ll no doubt have heard that Mount Gambier real estate is reaping excellent rewards right now, as more and more people choose regional towns over city living. However, finding the right investment property for your budget and strategy takes some research and planning.
With the market so hectic over the last 18 months or so, it’s no wonder many people are wondering if now is the time to invest. Interest rates are down, rental prices are high and demand is even higher, which means finding tenants for your investment property has never been easier.
In Mount Gambier we are seeing strong demand for both family homes and apartments. As more people leave their city jobs thanks to the rise in remote working, the appeal of beautiful regional towns like Mount Gambier is only going to increase, and we will continue to see strong demand for good-quality rental properties. In a way, this shouldn’t come as a surprise – we know that Mount Gambier is a beautiful place to live, and it’s no surprise that more and more people are discovering it for themselves. So yes, I believe it’s a great time to buy here. But what should you look for? Here are some helpful tips on investing in Mount Gambier real estate – and feel free to contact us for more information about the current market.
Work out your budget
Your first concern as a property investor is obviously your budget. You need to know what you have to spend and what your predicted return will be, based on similar properties in the area, and factor in any possible renovation work or upgrades. You’ll then need to decide on the size and style of property you hope to invest in. As we manage so many rental properties in Mount Gambier, we can always advise you accurately on local rental returns to help guide your decision.
Consider the location and its appeal to tenants
The proximity of an investment property to local amenities is a major drawcard for tenants, and the amenities you look for will depend on the style of property you are purchasing. Family homes with nearby schools and playgrounds are always in demand. For apartments, proximity to shops, public transport and the university is a bonus.
Does the property appeal to you?
Do you like the property? Is it somewhere that you can see yourself living? This is one of the simplest ways to judge a property. Look for a property that you like and feel is comfortable and liveable. If you like the property, your tenants will too.
How much demand is there right now?
Investing in Mount Gambier is a smart option right now. With more and more city dwellers seeking a tree change, rental properties are in high demand.
Plenty of folks are looking to rent before they buy and demand is currently outweighing supply, so you can find tenants pretty quickly. Current Mount Gambier residents are also realising the value of living in our beautiful town so now is clearly the time to get into action to find your investment property ahead of other local buyers.
Do you want to live in close proximity to your investment property?
If you’re already a local, you’ll understand the convenience of living near your investment property. While you will want to leave most of the day to day management to your property manager, living nearby allows you to be hands-on if you want to, to keep an eye on things, and to complete any renovation works with ease. So if you are looking to invest, a local property might be the best decision you ever made.
Looking for an investment property or have one to sell in Mount Gambier? Contact us at Complete Real Estate today for an honest appraisal or an informal chat.