We regularly get queries from investors looking at property in Dunedin and asking advice on what type of property will rent well. If you’re using the lockdown to research properties, here are a few things to consider:
- Quality. Buy the best quality in your price bracket, this will attract the best tenants and the best rent
- Get a professional clean before tenants move in, the higher you set the standard at the start, the better the tenant you will attract and the more likely they are to try and keep your high standards
- Gas hot water
- Good heat sources
- New kitchens and bathrooms
- 2-3 bedrooms are what we find most popular in Dunedin at the moment
To keep the maintenance down:
- Buying the best quality in your price bracket will also minimise maintenance costs
- Single storey, flat sites with easy access to the whole perimeter of the house reduces the likelihood of needing scaffold or lengthy site-specific health and safety measures to do maintenance work. Even something as simple as changing an outside security light can be costly for some houses
- Trees and shrubs well clear from the house – this reduces the need for gutter cleaning, and lets more natural sunlight in the windows which helps keep the house mould free and feeling brighter and airier
- Get a Healthy Homes Standards assessment as part of your due diligence so you know where you stand. If you plan on doing some renovation before renting it out, then attend to Healthy Homes Standards at the same time.
- Be mindful of the condition of wooden windows, they are one of the main maintenance headaches in old Dunedin villas.
If you're buying a property with a tenancy in place, you need to be sure the property complies with all the current legislation, otherwise you might inadvertently be putting yourself at risk the day you settle and become the new landlord.
We regularly work with investors before they purchase a property in Dunedin. We can help with understanding the pros and cons of different suburbs if you’re from out of town, rent appraisals for properties you’re looking at, we’ve attended open homes on behalf of investors and are always happy to have a general chat about what the rental market is doing in Dunedin and to share what trends and feedback we are seeing with our tenant community. Give us a call.