If you drive around inner city suburbs these days, you’ll see a myriad of brand new apartment developments as well as projects that are just starting out. Apartments have certainly become more popular with tenants, owners and property investors, and the architecture and interior designs these days cater for a wide group of people, from single professionals and students, to families and retirees. There really is something for everyone, so when you’re thinking about investing in property, take a closer look at apartments.
Value For Money, Quality and Choice
One of the main advantages buying an apartment when you’re investing in property is the amount of value you get for your money. Even in the main capital cities such as Sydney, Melbourne and Brisbane, you can still purchase brand new and off the plan apartments for much less than established properties in the local area. Studio, one and two bedroom properties can generally start at around $450,000 depending on their location. If you also consider that with off the plan apartments you generally only need to put down a minimum deposit to secure the property, with the balance of the total cost to be paid when the development is completed, it is easy to see why more and more investors are looking at this option.
Another huge advantage to purchasing an apartment when you’re investing in property is the sheer quality, craftsmanship and design features that are included in developments at the moment. Quality inclusions such as chef’s kitchens, unique spa-like bathrooms, flexible layouts and entertaining spaces, make apartments hot right now in the property market. Communal living areas and recreational facilities can also add enormous value to a property, and investors looking at off the plan apartments should make sure they understand exactly what the finished development will include. Tenants look for these type of features when deciding between potential properties, so by buying a brand new, well designed apartment, you can be sure that it always remains in demand with renters.
Finally, looking at new and off the plan apartments when investing in property gives you more choice than looking at established properties, simply because you get to pick and choose the perfect one that suits your budget and your long term strategic goals. You could, for example, opt for a one bedroom smaller apartment at the front of a building if you are just starting out or want to keep repayments to a minimum, or you could choose a north facing one bedroom at the back of a building which may be slightly more expensive but appeal to a wider range of people looking to rent.
Especially if you’re a first time investor, apartments can be a great way to get onto the property ladder, and to build a path to a successful and sustainable property portfolio. Talk to the brand new and off the plan apartment experts, Ironfish, to see how they can help you realise your property dreams!