When you are choosing a location for an investment property, there are a number of factors to take into account. Here are some ideas of locations that can be attractive to families as renters rather than young singles and share housers.
The local schools
For young families it is often important to be close to the local schools so that they can easily commute to school and make local friends. If you are interested to know whether the areas you are looking at have any draw card schools, check the government's myschool website. You can often find great schools close to the areas you are looking at and then aim to buy a nearby house which should be easy to rent to parents who want their children to attend that school. In fact, a good local school can underpin growth in housing prices in areas, with some schools commanding a rental premium depending whether the home is within the school catchment area.
The house layout
A larger family will usually require at least a 3-bedroom house to offer rooms to the parents and two children, but with less children sharing rooms it can be attractive to families to have 4 or more bedrooms. In this case each child can have their own room with potential for rooms to be used later as studies or guest rooms. Generally speaking, larger houses are better than smaller to attract families as renters.
For families with young and energetic children, it can be useful to have a large yard with room for a trampoline or to kick around a ball. Look for yards with open spaces rather than manicured gardens with high upkeep and little useable space.
Beyond the local school, families often enjoy neighbourhoods with playgrounds and parks that can be used for social catch ups and after school play dates. Try driving around the area you are looking at for your property investments on Friday and Saturday nights to see if they feel safe and look at whether the local play equipment appears clean and well used or damaged and graffitied. The overall community feel and closeness of the local neighbours can help attract and maintain great tenants in your rental properties.
Families can be stable and reliable tenants for investment properties. Finding a great investment property can be made easier with some professional assistance from an experienced real estate broker. Now that you have these tips in mind, go forward with your property investment goals confidently.
I don't want to have to work until I'm 60, so I have a very active investment plan for my 20s and 30s. I hope I can retire at 40, so I have been investing in a range of real estate investments to make sure I have a steady stream of income as well as capital growth to fulfill that goal. My blog is all about finding real estate investments to support the goal of early retirement. I explain some of the things to look for when you are comparing different potential real estate purchases and tips on how to increase returns.