When property investors look at buying a property they have to consider a range of factors including its location, whether it’s off the plan, new or an older place, the type of tenants they want to attract, as well as its layout. Savvy investors know exactly what to look for – they understand that they need to match the apartment and its layout with the type of tenant they would like. This means choosing between types of tenants such as students, professionals and retirees. Property experts suggest that anyone interested in investment properties in Sydney or Melbourne should consider the following property features when looking at apartments.
- Well designed kitchens: Every tenant has different needs and requirements. For example, students are not particularly concerned about cupboard space, stoves or other equipment, but they do like to congregate in the area around the kitchen. Professionals want quality appliances and designer fixtures, such as well maintained stove and hotplate, dishwasher and down lights. Retired people, on the other hand, may want very elaborate chef kitchens, with pantries, second sinks and double ovens.
- Bathrooms: Again, people’s taste in bathrooms will vary, however they should be as up to date as possible in investment properties in Sydney or Melbourne. Property investors looking for student tenants should look for practical layouts, and multiple bathrooms if there is more than one bedroom. Two toilets would be an advantage as their usually is more than one student renting the apartment. In general, bathrooms should also have plenty of cupboards, and a an “easy to clean” shower.
- Open Areas: In general, apartment layouts are more popular with tenants if they have plenty of wall space for paintings, book shelves, couches, and other items. The area should be filled with light, which means large well maintained windows, with fly screens (if possible).
- Bedrooms: Investors should look for spacious size bedrooms, with large ceiling to floor wardrobes. Bedrooms should have access to windows with natural light. It’s better to look for designs with neutral coloured walls throughout, as this allows tenants to place their favourite paintings or posters on areas they would like to emphasise.
Inner city investment properties in Sydney or Melbourne tend to attract a certain type of tenant, and property investors need to keep this mind when they’re looking at brand new or off the plan apartments. It’s important to find apartment layouts that will appeal to high value professionals who want the very best and latest in everything. Talking to a property investment expert such as Ironfish will also give you the insight and research into the type of tenant and apartment layout you should be looking for.