Property is an investment that will never do you wrong, provided you do your homework first. Real estate investment is one of the best ways to diversify your investment portfolio and ensure that you aren’t tied up in only one area.
The property market has ebbs and flows. That means that as long as you are willing to put up the capital first; (or some of it, at least) you’re likely to make your money back. Investment returns on a property is a long game – so be sure to be in it for the long haul and you’ll have no regrets.
If you’re thinking about investing in a condo, here are five things that you should look for:
1. Follow the Crowd
When you’re in the market for a new building, the first thing you need to do is to follow the crowd. Property trends will be highly evident in an area – which means that you need to spend a few days and nights there, and you will have all your answers.
Look for a condo close to all major amenities and transport lines, so think restaurants, shops, and buses. If your condo is in the best location, you will have no trouble leasing apartments.
The location of your condo is paramount to your investment doing well. Invest your money in a good neighborhood with higher than average safety ratings. It’s 2022, which means that no area in the modern world is perfectly safe – but you can get as close as possible.
Safer neighborhoods are typically near schools and parks. It does mean you will likely pay more for the condo – but it will be well worth it. The more value the building has, the better.
3. Local Tenant Market
When shopping around for a condo, be sure to do your research on the local tenant market. Make a checklist of all the things you’re looking for in a tenant and then pass that list on to your property management company.
Choose a reputable company like Delrentals, otherwise, you’ll be in for a terrible time. Companies that undercharge are almost always guaranteed to underdeliver as well – and nobody has time for that.
When looking at a new condo, you have to do all your checks first. Ask the agent for all the necessary documentation to prove that the building is in good working condition. If it is not, you can still buy the building – but know that you’ll have to invest more money to get it up to scratch.
No decent tenant will want to lease an apartment in a dodgy condo, so make sure that yours is in good condition before spending a dime on it.
The property market fluctuates fairly regularly, but normally within an acceptable range. The only time this isn’t true is when something has happened to knock it off its axis.
Get your team to negotiate the best possible price for you because chances are you will need to do some work to it before you can lease out the apartments. Even just a coat of paint will cost a fair bit of money for an entire condo, so you need to get a price that fits your budget.
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