Never buy the home you want to live in − buy the property others want to rent
I recently met a buy-to-let investor who was experiencing a problem that is unfortunately not a rarity. He was finding it difficult to get a tenant. He’d tried dropping his rental price, cutting it to the bone. Nothing. He hadn’t had so much as a sniff.
The truth of the matter is that he’d bought a dud. When I asked why he’d bought it, he answered, “Because it’s just the sort of property I’d love to live in.” He’d bought his ideal home instead of a property that others want to live in.
When he carried out his property inspection and due diligence, he’d seen what he wanted to see and not what tenants would look for in rental homes. He hadn’t looked at the investment as a box that makes money. He hadn’t invested in a property that would appeal to a tenant. Consequently, he was left holding a costly baby.
(Watch this video which shows how deep our due diligence checklist delves to ensure a property investment opportunity has the maximum potential.)
In this post, I’ll show you the nine things that today’s best tenants want from a home they rent. This knowledge will help you to identify the diamond properties and dismiss the duds.