We spent the weekend in the city visiting our 7 week old grandson. We don’t like too much time passing by without a visit, so trips to the city these days are frequent. Apart from spending time with the family, the change of scenery, coffee shops and restaurants are always nice. (I’m a big fan of coffee shops and eating out!)
Our son and his family rent one of our properties from us. It’s a 3×2 very spacious apartment we bought in 2004 for $265,000 and is now valued in the high $500,000’s. This is where we often stay for our city visits.
It’s just across the road from a gorgeous parkland area called Herdsman Lake. The Lake has great walking tracks all around it. You may not know, but I love to get out most mornings for a run or cycle and when we’re away from home for the weekend it’s no different. These tracks around the lake are so close and just perfect for a run or walk.
I’d had a tip recently about a great little coffee shop called The Ingredient Tree that was only a few minutes off the walk tracks. So on Sunday Murray and I took off for our run with the intention of taking a little detour at the end of our run to stop in there for a morning coffee.
We weren’t disappointed and I couldn’t believe I had not come across this little gem before. The coffee and atmosphere was great. While we were sipping our hot coffee and hot chocolate, what struck me was how busy this little place was, even though it was not on any major traffic strip.
Then it dawned on me – this little café might have been tucked away from the main stream of traffic, but it was in fact, located right smack bang in the middle of several blocks of high rise apartments that would be home to thousands of potential customers all in one spot.
This is an example of a few of the ideal facilities that are attractive to renters when you are considering the location of an investment property. The types of nearby facilities renters want when they are considering a property to rent are parks, shops, café’s, transport stations, bus services, schools and hospitals.
Too often buyers will purchase a property they like, fall in love with, can afford, but is not in a high density population area, nor very close to any or many of these types of facilities.
The Ingredient Tree made a smart move in setting up right in the middle of thousands of potential customers. You need to be just as smart and make your investment property purchase right in the middle of where your potential tenants or buyers are too!
This is why I prefer to purchase within a reasonable distance of a major CBD. Good deals can be found in regional areas, although generally capital growth will be slower and rental demand less.
The “West Australian” reported on June 22, that properties available for rent in the Perth area rose from just over 4,000 this time last year, to over 5,700 this year. This means the more attractive the area and the more facilities that surround an area you have your eye on, are all great indicators to start with when you’re looking for the best place to buy investment property!
The way I turn my ‘coffee shop’ thoughts into proven research is to open up my Investar program so I know I’m getting location selections right for the best place to buy investment property. Try it out for yourself and see if it helps (I’m sure it will!). Enjoy!
Here’s to your success (and the next cup of coffee!)
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