Investing in an apartment is an excellent way to protect and grow your wealth. With the right property and management techniques, it can become a regular and dependable income stream, providing you with a physical asset with meaningful value.
Searching for the right apartment that suits your needs, requirements, and preferences can be overwhelming. To help you have an easier time searching for the perfect starter investment property, here are the factors you should consider:
Your ideal tenants
Before buying an apartment, the first factor you should consider is your ideal tenants. This will guide you in determining the right size, the number of bedrooms, amenities, facilities, and accessibility to public transportation of the property you are looking for.
For instance, if you are planning to cater to families with children, choose an apartment that is spacious enough and has multiple bedrooms to accommodate all family members. An outdoor space and other family-friendly amenities such as a garden or a pool will add further value and provide your tenants with common areas where they can spend time together.
Financial benefits and other financial considerations
Renting out an apartment can be your effective long-term strategy to grow your money. To achieve this, you have to find the balance between charging a competitive rental fee that attracts potential tenants and making enough money out of it to cover your mortgage, maintenance, repair, and other costs.
Having the right people by your side who can help you in your entire investment process is important. When you need assistance in navigating through the property market and exploring your investment loan options, count on us to help you make an informed financing decision. All our finance managers at FinanceCorp are fully qualified, trained, and experienced mortgage professionals who live and breathe finance.
Outdoor and indoor areas
One of the keys to choosing an apartment that can become profitable is to think like a tenant. To attract potential renters, you have to consider the property’s location, amenities, natural lighting, ventilation, parking space, the view, and its surrounding establishments, such as cafes, grocery stores, malls, hospitals, and more.
Furthermore, newer apartments are not always better. Make sure to be thorough in looking for properties and never skip older ones. Sometimes, older apartments could have better amenities, larger living areas, and bigger rooms at the fraction of the price of the newer ones.
Take a look at the apartment valuation trends. Check both the past and the projected value to help you determine a strategic location for a potentially better return of investment.
Work with a reliable mortgage broker company such as ours before making an offer on your investment property. Doing this will give you peace of mind knowing that you have your loan and pre-approvals sorted.
Buying an apartment as an investment property can be challenging, especially if you are unfamiliar with how the buying process works. By following the tips mentioned above and hiring experienced mortgage professionals like us, you can ensure to have a more convenient property investment experience.
Find out the right investment loan for you with help from our experienced mortgage brokers. We address the financial needs of our clients in Perth, Western Australia. Contact us today to learn more about how we can help you!