Apartment hunting: What to look for in a unit investment?
Apartments aren't always the first choice for residential property investment at the moment. Units haven't had their time in the sun, but this could change – especially with apartment prices rising as they are! In fact, Minister for Finance Bill English has encouraged people to embrace the high density lifestyle.
So if you're thinking about taking one of these properties on board, what are some points to keep in the back of your mind? We've listed a few ideas to guide your search.
The neighbourhood counts
It's easy to get sucked into the whirling world of numbers and digits, but you can't forget about the physical things, too. That is, thinking carefully about the neighbourhood the apartment block is located in and the services nearby.
Is it close to public transport, such as convenient bus stops or easy-to-access train stations? What about amenities like schools, libraries and shops? Parks and greenery are great for families, and can make an area feel liveable. Location is important with all investment properties, and units are no exception. After all, you want somewhere that will be attractive to tenants – and hopefully encourage them to stick around for a while.
And so does the building!
First impressions count for a lot when buying an investment property – and this includes the first thing you see when you look out a window! Have a think about what the apartment's outlook will be. While not everyone can have the luxury of water views, your tenants aren't likely to want to look at rubbish bins or the wall of the opposite building.
What about the age and state of the building, too? Proper ventilation and light are both things to consider when on the hunt, and noisy neighbours are something to ask questions about. The body corporate will normally have a list of rules about owners' and landlords' responsibilities, so make sure to have a glance over these before making a decision.
With these points covered, apartments could be the next step (or the first one) in your journey towards financial freedom.
Here's to your financial independence!
Authorised Financial Adviser / Investment Property Expert
Contact us now!