While location is without a doubt the most important consideration when buying an investment property, its design also plays a crucial role, especially when seen through the eyes of a potential buyer or tenant. After all, people do judge a book by its cover. Thus, it’s important to have a well-designed property that will attract more interested parties when you decide to sell or rent it out. Here are some tips to keep in mind:
- To furnish or not? The answer to the question on whether to furnish the property or not will depend on a number of factors, such as the type of property, the location, and your target market. For example, a unit near the CBD may be better suited to expats who are looking to move into a property as quickly as possible without having to buy their own furniture. Due to this, a fully-furnished unit may be more appropriate for them. A fully-furnished unit will also allow you to charge a higher rent than one that isn’t. Meanwhile, a house in the suburbs may be better left unfurnished or just partially so, since more established families are more likely to move there. As always, perform due diligence and base your decision on thorough research.
- Appeal to the taste of the majority. Another thing you have to keep in mind is to make the property’s design appealing to as many tastes as possible. This will enable you to cast a wider net, so to speak, and attract more buyers or tenants. In contrast, having a design that’s too personalised could limit the size of the market that you could capture.
- Buy the best you can afford. From your choice of materials through to the fixtures and furnishings, try to purchase the best ones that your budget will allow. The reason for this is that top brands are typically more reliable and thus would require less maintenance than their competitors. These brands might cost more, but they will actually cost you less in the long term.
- Work with professionals. When you work with professionals, you would be able to use their knowledge to your advantage in designing an investment property that people would want to buy or rent. For example, an interior designer will be able to give you important advice on things such as maximising the available space, choosing the ideal colour palette that will appeal to most people, and deciding on furnishings that will add value to the property. Likewise, if building your investment property, a property developer can give you insights into what is popular in housing layouts at the moment.
Whether you choose to invest in a unit or a house, the design will go a long way in attracting your ideal buyers or tenants. So it certainly helps to do your research on what designs will appeal to the most people, and to work with professionals who could guide you in every step of the way.
To get your investment property dream started, speak to a Launch Finance broker today about financing your investment objectives.