Are you considering buying a unit/apartment for investment? It remains a perfect place to start your property investment journey.
Here are some tips to consider before committing to the purchase. And before you come to making an offer on the property.
You want to make property choices that will mean an appeal to tenants who wish to live there and hopefully stay there for a long time. Plus, if you decide to sell the property, you want to have a desirable unit for a future sale.
- If you are looking at a new or recent development, do some research on the project and the parties involved in building it.
- Look at the design of the property overall – your tenants will care about this. Does it have great access, parking, spacious living areas, generous balcony space, lift access or minimal corridors? The better your design the easier it will be to lease and the better your longterm resale value too.
- What common area facilities does the property have? Pool, spa, BBQ, tennis court and more can be available. While this is great for your tenants and may be great for a future sale, consider the ongoing costs. Both the purchase price and the ongoing costs can outweigh the benefit of having these facilities.
- Is the property close to transport, supermarkets, cafes and doctors? This will add value to the property for both tenants and a future sale.
- Does the property have a garage, storage and parking? Aiming for a property that is 2 bedroom with 2 car spaces can be difficult but it will be great for tenants and great for resale in the future.
- What are the fixtures and fittings like – The better the quality, the longer they will last, and you will avoid maintenance or replacement issues while it is tenanted.
- Consider the acoustics of the property, can you easily hear the neighbours! If you have common walls what rooms are on the other side? Do the hard floors have the right acoustic membrane underfoot? Are the bathrooms close to the bedrooms, how close are the bedrooms for privacy? Look at the layout of the unit will sound travel?
- Is the price a good reflection what is on offer – cheaper is not always better value for your money.
Take the time to consider the right things when you are purchasing for investment and you will hopefully gain a property that grows in value and has long-term tenants.
Once you have considered everything and you are ready, speak to Select Conveyancing so we can do all the legal work for you. Happy investing!