Investing in real estate is a popular wealth creation strategy that many Australians use, as the property market can often be less volatile than other forms of investment.
Know your tenant
Different types of tenants will be attracted to different types of properties, so before you make a commitment it's a good idea to visualise what type of tenant you are hoping to secure.
Whether it's families, young professionals or students, your ideal tenant will influence the type of property you invest in.
Maximise property appeal
Once you know who you are hoping to attract, make sure your property is as appealing as possible to this particular group.
As well as the features of the property itself, it's a good idea to consider the surrounding area it is situated in and whether this will be attractive to your future tenants.
Consider property management
Your investment property shouldn't take over your life – if you don't have the time to devote to dealing with everyday tenant issues or property maintenance, a good property manager can be an invaluable asset to have on your side.