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The ONE property investment mistake to avoid

When thinking about property investment, you must consider who will rent your property. The wider the range of people, the more people you will have to choose from when deciding on tenants. Why is this critical? Consider this scenario: you want your property to be rented by a professional couple on a good income. But the house you have bought as a rental is in a part of town unattractive to that demographic. For example, cars parked on the streets are often vandalised, burglary rates are higher than elsewhere and the area has a poor reputation. Young couples will be looking for a property where they can safely park their cars (there’s two of them, they’ll have more than one vehicle) and potentially a boat or jet ski. They’ll be wanting to have their friends over for BBQs and they are likely to be status-conscious. They will not be interested in a property in a poor part of town. This may leave you with tenants who are always behind on the rent and have rowdy parties during which your property is damaged. But when you understand who you DO want as tenants you can choose your property accordingly. The financial benefits will be evident very quickly.

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