Purchasing a residential property is a great long-term investment, however, choosing the best type of property for turning a profit can be a difficult decision. There are many options – apartments, units, townhouses, and stand-alone houses all have their selling points – so it's important to decide which one is best to suit you and your budget.
Apartments are becoming a popular investment choice, due to their high demand by renters and lower purchase prices.
Often situated near the city, apartments tend to attract a lot of professional tenants who are wanting to live closer to where they work.
Take advantage of this demand by taking a calculated approach to your investment property search.
Purchasing an apartment means that you will need to have a good understanding of strata schemes and owner's corporations. You will also need to figure out how much levies and other expenses are per year to measure if it is going to be a good investment or not.
As apartment buildings are in more populated areas, such as city centres, make sure that you are buying one in an area that has a minimal amount of traffic noise. Alternatively, you can install double-glazed windows to reduce unpleasant sounds from outside.
Factors that may make the apartment more attractive to prospective tenants are building facilities (pools, gyms, tennis courts), location, apartment size, car parking, and balconies/decks. While these features cannot always be present in one apartment, they are good to keep in mind when looking at purchasing one.
It is also a good idea to look for a building that is safe and secure – security measures such as lighting, door entry codes, swipe cards, and CCTV cameras do a lot to reduce crime, theft and vandalism.
If you're looking for apartments for sale in Wollongong or the Illawarra region, then let the professionals at MMJ Real Estate help you find the perfect property to add to your investment portfolio.