New apartment building in suburban area

Seven Factors to Consider When Buying Investment Property

Investing in property must always begin with research. It is important to know the background of the project, home services available in the area, safety record of the property developer, and if the property is in a strategic location. To get a grasp of a more detailed approach to buying property, make sure you know these Top 5 features to look for in a home or property investment:

1. Project Location

It’s a proven adage in real estate investment. It’s in every first-time condo, house, or apartment buyer’s mind. Where is my property located?

Buying or investing in property is wise business and investment decision, whether one intends to generate passive income from rent or if the buyer will actually live in it. In terms of location, you can’t get any better than being near city centers where jobs and other opportunities are more plentiful. Locations that are considered commercial, cultural, and educational hubs will always be good options for a real estate investment such as a condominium or an apartment. If you like being in the center of everything good that is happening, one can’t go wrong with a real estate investment that is near top universities, hospitals, malls, sports centers, restaurants, and government offices.

For example, living in a condo unit or apartment is considered the college student’s dream because of its proximity to good schools like the University of Auckland. Owning property near academic institutions is advisable since there is usually a ready market of students looking for a place to rent. The area has a shopping complex, sports facilities, bookstores, and many restaurants to choose from. Minutes away are parks, sports and fitness centers, and other places that are vital to a student’s daily life in support of one’s studies, health, or leisure time. A property could also be considered for an AirBnB business if it is near a tourist destination, making it perfect for potential clients such as business travelers and tourists.

2. Structural Integrity

Buying a condominium or apartment unit is an excellent opportunity but it can also confound an investor or buyer who has no background in engineering, architecture, or interior design. The first step to take is to research and inquire about a project’s structural safety and integrity not just of a specific unit but for the entire building, especially if one is considering a purchase in a mid-rise or high-rise residential or commercial project. Details such as the magnitude of an earthquake that a structure can withstand, fireproofing materials, and window resilience are just a few vital information that a buyer needs to know.

 3. Interior Design and Structural Layout

For those who are really into design, a buyer would surely like to know the building density, which means determining how many units are located on each floor if it is a building project; lighting systems in the rooms, halls, and stairways; ventilation; and other amenities like the number of elevators, resident and visitor lounges, in-house gym and swimming pool, and mail boxes are designs that one must definitely look for in a condo or apartment complex. ; For a stand-alone house, it would be good to find projects that have stunning architecture and interior design to include elegantly crafted wooden balustrades. These well-designed stairs lead up to spacious rooms that can accommodate students and even entire families.

4. Neighborhood Safety and Security

Safety and security will always be paramount. When looking for a place to live in or a property to let, choose a condo or apartment project that has installed security systems and even trained guards who keep watch over you and your property. Other safety elements must include provisions for fire alarms and hydrants, CCTVs, and fire exits, to name a few. Security, in fact, part of the home or property services that should be on top of the buyer’s list.

5. Style

Of course, buying a property that is stylish is always a plus since it needs to match the taste of the particular market that the owner wants to target for the rental unit. If the buyer will be living in the property, it must also suit his or her preferences.

6. Space

Floor space is a deal maker or a deal breaker since it sets the price of the investment and it determines the functionality of the property. A buyer must be clear about the size of the property that one wants to invest in. For example, how many people will actually live in the unit? Does he or she want to invest in a studio, a one-bedroom unit, a two-bedroom set-up, or a full house complete with a yard and parking space?

 7. Accessibility

Family moving in to their new home

Lastly, the property needs to be accessible especially if one will have to take public transportation. Is the property near bus stops or train stations? How many minutes does it take to reach the office or shopping areas? Is there an airport in the city? These queries will be made by buyers who are often traveling for business or leisure. These are some accessibility factors that also need to be considered when buying property.

Remember…

It all starts with careful research. Do consider these seven factors before investing in property. By taking all these into account, one will surely choose the right investment that will yield dividends for many years to come, or become a place to build beautiful memories with one’s family and friends.

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