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Andrew Morello: What to look for in a property

In this article:

An excerpt from Andrew Morello's eBook The Morello Matrix: your guide to property investment. Andrew, provides his comprehensive personal approach to buying real estate and building a property portfolio.

To get your free copy of the full Morello Matrix eBook visit www.ybr.com.au/morellomatrix

Consider the type of person who will want to rent your property i.e families want schools, why young professionals want restaurants and public transport.

Consider these attributes

  • Close proximity to shops
  • Distance to schools, universities, colleges
  • Close to churches, playing fields and parks
  • Proximity to public transport
  • If on the edges of the city, close to a freeway
  • Near to cultural hubs such as cinemas and theatres
  • Near to a waterway, such as a beach, harbour or river
  • In a place with character, such as colonial or federation style
  • In a building with community features such as tennis courts, pool or barbecue area
  • Close to a major employment centre

All of these may seem basic, but you must consider them. There are other things to look for in the actual rental property:

  • Modern, clean kitchen
  • Clean, functional bathroom
  • New floor coverings
  • Good paint job
  • Garden
  • Extras such as paid television connection, storage shed, barbecue area
  • Good laundry (if renting to families)

Take the first step

Type of tenant

  • Try to get a tenant to sign up for longer than a year
  • Ask yourself: is the highest payer better than a tenant who is most likely to really look after your property?

Outsourcing service: if you don’t have a lot of time or willingness to invest in learning about legal matters, maintenance and collections, then strongly consider outsourcing this to specialised businesses that do: property management businesses.

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