4 must-haves to look out for in your new investment

Searching for a new investment property can often feel like a daunting task. The vast array of options can leave you feeling overwhelmed and uncertain about making the right decision. When this happens, having a clear understanding of what factors to consider when selecting a new property can greatly simplify the process.

Below is a quick checklist of 4 essential features and potential deal breakers that a property should possess before you can confidently deem it the perfect choice for your tenants.

Enough Space
When seeking a new investment, space should take precedence as one of the most critical factors to consider. While various aspects of a property can be enhanced or modified, insufficient space poses a considerable challenge to address. When embarking on a purchase, it is vital to carefully assess the available space to see whether it fits your potential tenants needs.

Ask yourself: Can the property comfortably accommodate the family and belongings? Is it too cramped or excessively spacious? If the initial space is inadequate, then chances are, the property would quickly become congested. This consideration is particularly crucial for young tenants starting a family.

Parking and accessibility
When considering space, another factor to consider is parking and accessibility. This is especially important if the tenant possesses one or more vehicles. You want to ensure that your new investment has good parking options that can accommodate vehicles. Even if the tenant doesn’t own any vehicles now, they’ll most likely purchase at least one in the future. Likewise, when the tenants family and friends come to visit with their vehicles, it may be a pre-requisite. To put it simply, if the house has no parking options, that could be a deal breaker.

Ideal location
You always want to consider the location of any property before purchasing it. Not only do you want to make sure the property is in a safe neighbourhood, but you also want to ensure that it’s located within reach of everything the tenant will need for day-to-day activities.

Consider the building's proximity to a likely workplace, nearness for schools, social amenities tenants use regularly (e.g., the gym and the mall), hospitals, and so on. Properties should be ideally purchased close to these places.

Functional layout
Found multiple houses that possess all three mentioned above? The layout of each of those potential buildings should be the tiebreaker.

It’s imperative you ensure that whatever property you choose has a functional layout that fits an average tenant need. Choose one that fits daily routines and is more likely to provide a better experience and you’ll never go wrong.