If purchasing real estate in Carnegie with the intention of finding a tenant, it is important to understand what the potential occupiers are looking for. These considerations are important to make long before renting the property – they should be part of the buying process.
Location is a key factor to consider when planning to purchase a rental investment. Property that is close to schools, public transport and shops will have strong appeal to potential tenants.
Make sure your property is priced within your desired renters' range. Overpricing is the main reason rental properties are unoccupied, according to the Property Observer's management specialist Fiona Blayney.
Maintenance is very important when advertising a rental property. Prospective tenants may decide against renting if the home looks tired and hasn't been well cared for.
Repainting every five years is recommended to improve the property's appeal. Repainting and doing any small repairs on the home communicates the landlord's "care factor'' to the tenants, Blayney said.
Renters can also decide against a property due to a lack of light or if the walls are unattractive colours. Adding mirrors and painting in neutral tones can open up the space and maximise the light in all rooms.
For further advice on purchasing and maintaining a rental property, speak with Matthew Hurlston at Ray White Carnegie.
Rental inspections are an important part of maintaining a well-managed property. For landlords, they provide an opportunity to ensure the home is being properly cared for, while for tenants they help confirm that any maintenance issues are identified and addressed early. Knowing what to look out for during an inspection … Read more
Melbourne’s rental market remains one of the most competitive and priciest in Australia, even as overall growth rates have softened in recent months. While some data shows quarterly changes easing or stabilising, rental levels are still significantly elevated compared to pre-pandemic norms — and many of the forces that drove … Read more