When you start looking for an investment property to purchase, you’ll likely find a variety of options. Naturally, you'll want to select a property that surpasses all of your expectations.
Discover ten tips on how to choose the investment property that’s right for you!
- Lots of Parking
- Separate Laundry Facilities
- A Separate Entrance
- A Lovely Backyard
- Proximity to Schools and Businesses
- A Welcoming Neighbourhood
- Access to Parks and Walking/Biking Trails
- A Separate Basement or Garage Suite
- Attractive and Durable Features
- Purchase Price and Rent Payment
Starting the Search for Investment Property
Whether you conduct your search alone or with the help of a property manager, you'll want to end up with an investment property filled with features appealing to renters. Here at TriUrban, we pride ourselves in helping real estate investors find properties highly desirable to tenants.
1. Lots of Parking
Having ample parking will make your property highly desirable to tenants and it’s something you can highlight when you advertise. Available space to park nearby means tenants won’t have to struggle to find a space every time they return home. Even if a renter only has one vehicle, easy access to parking separate from other renters is an appealing feature. Making a mistake in this department can be critical!
2. Separate Laundry Facilities
Easy access to a washer and dryer is another desirable feature to most renters. Having laundry facilities separate from those of other tenants means each of your tenants has privacy and convenience to do laundry on their schedule. This level of convenience is a big draw for many families and individuals.
3. A Separate Entrance
If you are seeking a home with a legal secondary suite, look for a property with separate entrances for your tenants. This is another way to increase the privacy for your tenants and make them feel the place is all their own.
4. A Lovely Backyard
A home with a backyard is going to appeal to a wider group of tenants. Families appreciate seeing a large backyard where their children can play and run around in safety. Also, many individuals looking for a rental home like the idea of having a backyard where they can read, relax and otherwise enjoy the sunshine. Once again, a big backyard is a feature you can highlight when you advertise your rental property!
5. Proximity to Schools and Businesses
In your search for the perfect investment property, pay close attention to the location of the neighbourhood. Many families and couples who are searching for a place to rent focus on neighbourhoods located a short distance from shopping centres, restaurants, healthcare facilities, etc. In addition, families with young children likely want to live where they have easy access to quality schools.
6. A Welcoming Neighbourhood
Look for an investment property in a pleasant neighbourhood. The tone or atmosphere of a neighbourhood contributes to a potential tenant first impression. It may even help the tenant move closer to saying yes to the home.
7. Access to Parks and Walking/Biking Trails
Living near a selection of parks or in a neighbourhood with walking and/or biking trails is a plus for many tenants. Many families and individuals like to stay physically active, making the idea of living near a park and/or trails appealing.
8. A Separate Basement or Garage Suite
Naturally, as an investment property, you want to get the most out of your investment. Selecting a property with a secondary suite in the basement or above the garage opens up the doors to multiple tenants. This means you receive multiple rental payments by virtue of the design of the property substantially increasing your monthly cash flow.
9. Attractive and Durable Features
Of course, you want to look for an investment property with standout features such as a kitchen island, beautiful fixtures in the bathroom, a walk-in kitchen pantry and more. These are the sorts of features that get potential tenants excited about the property. Along with being visually appealing, these features must be made to last.
Responsible tenants, especially those who have rented homes before, can tell whether a feature in a home is durable as well as attractive. These durable finishes will also reduce your repair and maintenance costs over your term of ownership.
10. Purchase Price and Rent Payment
An important part of choosing an investment property is to weigh the purchase price against the maximum amount of rent. Achieving this is a critical balance and can be easily overlooked. Making sure the property is not overbuilt or too expensive versus the amount of rent it will produce is super important to your success. It is important to pay all the associated expenses and still have cash flow left over every month - making a mistake in this department is not easily corrected.
Lastly, if you’re looking for an investment property in Edmonton and area, contact our team at TriUrban. We are familiar with many local communities desirable to renters. We can help you find an investment property that’ll attract reliable, long-term renters. Our experienced team is here to help you on the path to successful real estate investment.
