What You Should Consider When Buying A Property Investment In Australia
Investing in Australian property is a great way to make the most out of your portfolio, but when it comes to picking out the actual property, it might be difficult to choose the best one. To help you find the best possible property investment for your needs, we’ve put together some considerations you can make before going through with the purchase.
If you’re looking to invest in property in any of the large metropolitan areas like Sydney, Melbourne, or Brisbane, you’ll most likely have to choose between a residential unit block, or a stand-alone house.
If you want to buy a unit that’s situated closer to the city centre, you’ll have to contend with the owner’s corporation, which is responsible for the general upkeep of the complex.
If you are interested in purchasing a unit, make sure to get as much info as possible about the owner’s corporation, including the following:
- How much the body corporate charges in levies
- If the complex is properly insured
- Find out about changes and resolutions regarding safety measures
- Take a walk after hours to see if there are any problems with parking spaces
- Be sure to find out if any special levies were enforced. These are often for once-off repairs or other factors, but can be very expensive
Buying a house for your property investment has various benefits above those of a unit. For example, you can make permanent changes to the home as you see fit, but for some changes you might have to get approval from the local council.
A huge benefit that a standalone house has, is that repairs are often infrequent, and less expensive, if you take into account that you’ll only be paying for the building, and not contributing to a complex’s overall maintenance.
Off the plan
Another great way to maximise your property investment’s potential is investing in a new Off-the-plan property. A new property like this is easy to rent out, and you can also depreciate it by claiming deductions on the building’s fittings and fixtures. You will also save on repair costs for the first couple of years, and even skip stamp duty altogether.
These are just some of the benefits of buying off the plan properties. If you’re interested, we can help to identify an investment that will perfectly suit your objectives.
Whether you want to invest in a complex unit or a standalone house, there are some general questions you can ask yourself, to help ensure that the investment is more likely to give you a return:
- Is the property close to public transport?
- Is the area or suburb more likely to attract potential tenants?
- Does the property need an inordinate amount of work?
If you want to find out more about getting the best type of property for your property investment portfolio, why not let the experts help you find the perfect space? We’re just a click away, and we’re experts in providing our clients with bespoke opportunities, especially off the plan properties.
Related Tag: Property Investment in Australia