If you're looking for an investment property which will appeal to families, make sure you're looking in the right suburb.
To make things easier, let's look at some of the key essentials that make up a family-friendly suburb.
Childcare and schools
Suburbs that have good childcare facilities, kindergarten and primary and secondary schools in their midst are sought-after for a number of reasons. The close proximity means that parents don't have to spend ages in traffic doing endless school lifts (sometimes the school is even within walking distance) and there is often a school bus that services the area. There's also every possibility that their kids will make friends in the neighbourhood and create opportunities for like-minded families to get together - and that can be an important selling point when it comes to attracting tenants, especially those who may be new to the state or the country.
Proximity to public transport may not seem like such an imperative when babies are still in nappies, but it's a godsend when teenagers start asserting their independence and the parental chauffeur service is no longer in such demand.
Shops and services
Family-friendly suburbs are all about convenience, so investors should look for those that offer a range of shopping options within close range. Ideally, there should be a larger centre with a variety of shops (entertainment facilities like a cinema are an added bonus) as well as a local store for convenience and ease-of-access. Having a reputable family medical practice in the area is also an important consideration.
Mums need well-maintained paths for pushing prams, kids need open spaces where they can safely burn off energy and families need opportunities for communal activities, so sports facilities such as a cricket field, footy oval, outdoor gym equipment, green spaces and parks (especially those that have a children's playground) are a must if a suburb is to call itself 'family-friendly'. Suburbs which host regular community events such as a local farmers' market, fetes and fairs or even functions at the local council centre also create opportunities for families from the neighbourhood to meet and get to know one another. Additional facilities such as a library or community centre add to a suburb's family-friendly credentials.
Safety and security
A family-friendly suburb is one where people can move around freely, where parents can let older children play in the park or walk to the shops unsupervised and where teenagers can cruise from one home to another without fear. Safety and security are key attributes of a family-friendly suburb and it's worth checking out the local crime statistics and incidents from police websites, community blogs, your local council's newsletter and news articles.
Finding a property investment that generates capital growth as well as a solid rental yield isn't easy- but thorough research will go a long way in identifying the most viable prospects. And if the investment property is intended to appeal to families - it's vital to ensure that the area that it's in ticks all the right boxes.
Should you need any help in identifying suitable suburbs for your investment property, you should contact Time Conti Sheffield, which has been providing real estate services to investors for over 60 years. Call us on 08 9362 5333 for personalised, professional service.