Apartments tick plenty of boxes. In most locations they tend to be more affordable than houses, involve less maintenance, and provide for a great lifestyle, apartments are also providing investors with healthy rental yields which is great for the investor.
Sounds good. However with such a huge variety of apartments to choose from it is important to select the right one for you, strong tenant appeal, the potential for good capital growth, and low body corporate costs. Here are five key points to consider when looking to buy.
Supply or lack of it usually underpins property values. Buying in a multi-storey high rise complex where each apartment is pretty much the same, can limit long term appreciation.
Maybe aim for a low rise boutique development with a small number of apartments. This exclusivity will appeal to tenants and is always handy at sale time.
Always take into account convenience, things like walking distance to schools, shops, cafes, bars and restaurants.
Off Street Parking
Off street parking can be a deal clincher. Undercover locked car spaces are especially valuable as they double as extra storage.
Look for apartments with well-maintained gardens or outdoor areas. Not only does this provide kerb appeal, it can also indicate a higher number of owner occupiers, who may be more likely to take good care of the property. Always check if superior maintenance means higher strata fees.
A clean bill of health
Just as it pays to organise a pre-purchase pest and building inspection of a house, anyone investing in an apartment needs to think about arranging a strata report. A strata report will give you information on any historical essential repairs and any large costs that may be on the horizon for owners. Older boutique buildings in beach side suburbs will always require annual upkeep.
If you found this short article useful please share it.