4 Important Factors to Consider Before Buying Apartment Units
Owning apartment units is a good investment that can be your source of extra income for decades. Just make sure to buy units in a safe and pleasing neighbourhood, and manage your properties all the time. But, you must educate yourself about important factors before taking the plunge. Here are some tips that may help you with this new investment:
It Must Be Accessible
To know which new units for sale you should buy, PointCorp.com.au suggests putting yourself in your tenants’ shoes. Would you want to live in the location of the property? Buy in locations where people would want to live. It must be near lifestyle areas such as supermarkets, cafes, restaurants, schools, and offices. If your budget allows it, purchase units in bigger cities to gain more capital growth.
It Must Be Far from Large Developments
Because you’re just a new real estate investor, try avoiding locations near large developments with hundreds of apartments and properties. You’ll lose your unique factor and get overshadowed by them. Try searching for boutique blocks of apartments and buy 18 units or less.
It Must Have a Parking Space
Parking away from your home is both inconvenient and pricey. That’s why tenants tend to look for apartments that have parking spaces. It may cost additional fees in mortgage repayments, but it’s definitely worth the money.
It Must Be Renovated
To attract possible tenants and leave an impression that you’re serious about maintaining your property, a little renovation wouldn’t hurt. Allot a budget for renovation to refresh the property and try to make it just like new. In effect, this can maximise your rental return in the long run.
Make sure you treat your tenants with respect, so they would treat your units the same way. Buy in the right place and work with an expert agent to make sure your first real estate investment will be successful and profitable.