In the recent years there has been a boom in putting money into buying land and constructing apartment complex is areas of new developments. This can be especially seen in third world countries where inflation periods are starting up. So if you have some money lying around and you are unsure of what to do with, try going for an apartment complex business which will generate income monthly and annually. But just at the pros of getting a good return of your money, there are the cons for first timers and also experienced ones if you are investing in another region.
So get your notebook ready for property investment advice!
● Type of apartment
Make sure to run some circles around the block you would like to purchase the apartment at to check it out inconspicuously. And this way you can scout out the potential people who also want to buy an apartment and understand the type of people who come ringing the doorbell. Make sure to understand the facilities in the apartment too.
● Location, location and location
The biggest perk of buying an apartment is the convenience it would have to a place of your desire like grocery store, school or work. When people are searching for available apartments the first thing they plug into the search bar is the area of their interest. So if you are going for buying an apartment with a intention of reselling or renting it out, make sure you do a brief survey to understand where the hotspots for apartment hunters are located.
● Independent valuing
Sometime if the apartment checks right in all the boxes of your list you might end up attached without knowing. If the realtor figures this out the most probable scenario is you end up paying more than you should. Going for a third party valuation is something any professional property investment advice company would recommend as it will give you facts straight up without any sugarcoating. A third party valuation will be useful for the future when you are refinancing a couple of years later.
● Refurbish costs
Even if you feel like the apartment should be sold as you bought it, there is a thing called instant equity which is a method for you to pay less but make more. So go for some instant refurbishing on the apartment to make it look better and this way you can sell it for more than the cost you spent on it. According to professionals you can make up to a dollar or two extra for every dollar spent on refurbishments.
Check out the apartment block, its neighbours, its potential renters and scratch the bottom of the wallet for some small refurbishing for the apartment to sell it for more.