Emma Allen, TSI’s Senior Property Consultant servicing North West Sydney, has been blogging with some frequency for Women in the Black. WITB is an online community designed for women to provide advice, information and support when it comes to their finances.
At TSI, it’s easy for us to see how important organisations like WITB truly are. We are committed to provide safe solutions for all of our clients, but seeing a community devoted to solid advice for women reassures us that that’s what potential investors really want.
Emma discusses deciding on property sizes for investing. Emma notes the importance of choosing a property based on the tenants you want to attract, not what suits you. Please read below or heading to the WITB website.
Does size really matter?
By Emma Allen
When it comes to property, it really does! Now if you’re thinking ‘the bigger, the better’ that’s not always the case.
Buying a property to live in yourself is all about YOU so how big, small, round or tall it’s going to be could vary substantially from person to person. When purchasing a property as an ‘investment’ we need to put ourselves in the shoes of the typical tenant for that area. We want our properties to appeal to the greatest portion of the market so they will attract and lease quickly and with the best possible rent. That means that even if we prefer quirky features or purple walls, it’s probably better for us to keep things neutral.
Imagine being a family with growing kids, you may have just accumulated enough possessions to warrant a second garage. You’re likely to want a larger home with two living spaces and lots of storage. But if you’re a young professional or an empty nester you may not want to mow a lawn. Instead you opt for a smaller property serviced by excellent transport and amenities within walking distance. Did you know that of the 4.7 million people who live in Sydney, one quarter of residents live alone? It’s grown from 11% in the 1960’s so there’s a valid tenant pool right there.
It would be unfair to say that one type of property does better than another because as long as there is demand for a certain type of property you’ll have tenants and growth. Therefore, the key is to ensure that the type of property will best suit the tenant and demand of that area.
It’s important to do plenty of research before you buy an investment property; become familiar with the area, including its past, present and future. To help you ask the right questions, our property research team have compiled a template that is FREE for you to use, you can access this at: http://www.thesuccessfulinvestor.com.au/property-investor-s-toolbox/resources/.