There are experts who do not recommend purchasing apartments in the heart of the CBD as the area tends to be overloaded and the values do not always rise over time. However, if you know what to look for, an inner city apartment can produce attractive returns over time especially as space becomes more in demand in our capital cities. In here, I provided some key features to look into when deciding on an inner city investment property.
Apartments that have architect designed exteriors generally have a more substantial advantage over buildings with cdb shop cheap adornments and glass principal exteriors. Architect designed buildings are also less common which experts claim can command higher rents and prices.
One of the biggest issues living in the CBD can be the noise from the street or within the apartment building. To determine the apartment that do not have this problem, find a rental that has AAAC5 or 6 star rating as well as double glazed windows as they can reduce the noise. In additional, see if there are establishments near the apartment building that can potentially cause hindrance such as golf clubs and restaurants. You do not want yourself and your tenants to be arise in the middle of the night or 4 am in the morning due to people partying in golf clubs and restaurants.
Find a CBD that has a view especially that this is one of the reasons why tenants want to live high above the CBD. More importantly, choose a view that generates a lot of natural lighting into your apartment. A property that has good natural lighting as well as airflow is highly in demand.
A lot of new CBD apartments generally have similar floor plans. To be able to stand out to your competitors is to find a rental that is a little not the same as the rest. Consider a rental that has a well considered floor plan and adequate liveable space and a auto parking space or garage.
Don’t let your tenants feel that they are living in a boring and common environment. Find a rental building that provides floor plans that are somehow not the same as the pack as well as a rental the can offer easy living.
A livable space is always in great demand. Look for a unit that has an internal space of at least 60 sq metres, particularly 2 or 3 bedroom apartments.
There are several new apartments that have values that tend to fall in just the first few years after construction. While there are many reasons for this, this drop or post construction drop in values usually stops around year three to four. Meaning, you can most likely beat the stamps duty by buying a rental building that is 4 yoa or more.
There are cases when new owners of an apartment building suddenly discover that there are structures that are going to be constructed that can block their apartment’s amazing view. To avoid this from happening to you, search local council’s website and look around the particular area before buying a rental building.
Within the area, look for structures that seem not in used, unoccupied or in need of repair since these structures are likely to be target of developers. Once new buildings around your apartment structure are developed, you may find your views blocked by these new high-rise buildings. Make sure to research on any plans for the area and accept that most developments are beyond your control.
There are apartment buildings that have great services and facilities such as costly, concierge, health clubs, etc. Although, these are easy for new tenants, many of them are aware of the excess cost of rent due to special features and services. As an owner of this building, you might want to increase the cost of rent due to in business and corporation fees. If you want to add features and services, keep them to begin with or make sure they will not force you to add a lot on your rental cost. Many new apartment buildings have health clubs, swimming pool and provide luxury living but they can add heavily for master’s corporation fees especially as the building begins to age.