Published on March 5th, 2014 | by Chris Snell - Rental Success0
Buying A House Or An Apartment?
Buyers Guide …. Buying a House or Buying an Apartment?
When you are looking to rent our your home or when you are looking to buy an investment property there are significant differences to take into consideration the differences for their use as a rental property.
Everybody thinks a 2 bedroom unit is the perfect investment property model to buy. However you might be misled. This might be investor suicide to think that your 2 bedroom flat is going to rent out easily but nobody told you about the 75 other similar properties in the same suburb or city street being promoted for lease at a cheaper price to you. You are at risk of sitting vacant and on the market for a long time.
If you are doing some research ahead of your purchase for your investment property then you are wise to take into consideration the competition within the rental market place you might well find that there is a shortage or a particular property type and a subsequent consumer demand. It might mean that you actually end up purchasing a 2 or 3 bedroom house on a small block of land, or a 3 bedroom two story townhouse.
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Speak to a local property manager or a leasing agent specialist in the the areas that you are interested in. Too many people only talk to a property manager about the cheapest property management fees and the best property management agencies factor. However I argue that you should be interview your property management office during your buying process. Buying an investment property should not be rushed and should not be something you buy like you would buy a property to occupy for yourself.
Remember that most sales people are exactly that! They are not going to spend much time on matters related to property management, leasing out your property, choosing the right investment property to purchase, and nor will they spend much time discussing rental property vacancy rates. Wishing You Rental Success!
Written by Chris Snell, Property Manager, Rental Success Australia Blog