When buying an investment property, you should apply the same guidelines about location, condition and security as when buying a home for yourself, says Berry Everitt, Chas Everitt International 's CEO.
While price is important, cheap is very seldom best. The area in which a property is situated, its overall condition and security considerations are all equally important when acquiring a home to let.
“Depending on the area and your tenant target market, other factors that could make your property more attractive are good schools within walking distance, as well as convenient shops and health, entertainment, sports and public transport facilities.
“In holiday or resort areas the most sought-after rental properties are always those closest to the main attraction, whether that is a beach, a mountain, a hot spring or a game reserve.”
Furthermore, finding the right property – as well as reliable and creditworthy tenants – should never be left to luck, says the property professional.
He says: “Over the medium to long term, investors will also need to be certain the property is always well cared-for and maintained, and that the rent is paid on time.”