Apartments are a popular property investment
Apartments are becoming more and more popular among first time property investors and those looking to grow their portfolio.
There are many positives to investing in apartments. The 2011 Census confirmed apartments account for 14 per cent of all dwellings, up from 11 per cent in 2006.
You may have noticed that developers are responding to this increased interest in apartments with many new projects under construction creating great opportunities for investors looking to take advantage of demand.
Apartments are in high demand not only from buyers but also, and perhaps more importantly, from renters. Renters often seek out apartment living as they generally want to live closer to central business districts, shops, restaurants and parks.
This demand for apartments is pushing up the rental income for landlords making owning an apartment as an investment all the more attractive and, potentially, profitable.
If you are considering investing in property for the first time, apartments tick many boxes as they are usually more affordable and low maintenance.
It is important to do your research before making any final decisions on purchasing an apartment. To make sure you get the right apartment – and one that is within your financial reach – consult a real estate expert and also do your sums with a mortgage broker or property finance consultant.
There are a few rules you should consider when searching for an apartment, which will maximise your rental returns and capital gain.
Like any property investment, location is the key. Look for apartments that are close to employment, shops, transport and entertainment.
Always take into consideration the aspect of any apartment. A northerly aspect is desirable because it will deliver the most natural light.
A view is also a major attraction to tenants, whether it is water, a park or even a leafy district. A balcony to enjoy it from will also add to your rental return.
In regard to the actual apartment, the less shared walls the better. The top floor is usually popular because there is no-one above you, however ground floor apartments are also desirable as they often come with a garden or courtyard.
A good measuring stick when assessing an apartment is the overall state of the complex. Are the gardens neat and tidy? Are hallway lights working? Is the elevator or stairwell in good condition?