Money-Magnets.Net

Written by Adrian Jameson

Wednesday, 23 July 2008 14:23

Who are you renting to or who is your target market? Students? Young professionals? Families? Retirees? Empty Nesters? Singles?

If you are renting to families ideally you are looking for at least a three bedroom home, two baths and a good sized, low maintenance garden / entertainment area, close to shopping, schools and local amenities. In these times of rising fuel prices public transport is becoming more and more important.

For young professionals they are usually looking for two bedroom apartments or courtyard homes with an small outside entertaining area, preferably with the latest technology. The kitchen should have simple lines, be easy to clean and high spec. Preferably with one car parking space which is under cover as young professionals tend to buy expensive cars and want to protect their investment.

If you are dealing with professional contractors they will want to have the home furnished and should be close to the nightlife / café culture. Good public transport should be close by and in larger cities security is now important as well.

You get the idea from these descriptions what it needed and can work out what the target renters wants and needs are so you know what to cater for.

In previous articles we have had a look at how to research property and the type of tenant required for your market, following these basic guidelines will help you to minimise your financial risk because getting it wrong can prove very costly.

For more information:

Australian Property Investor Magazine http://www.apimagazine.com.au/

Steve McKnight’s website http://www.propertyinvesting.com/

Margaret Lomas http://www.destiny.net.au/

Beware the sharks http://www.bewarethesharks.com/

Renesial Leong http://www.upia33.com/<