How To Choose A Great Property Investment Location
There are many considerations to take into account once you’ve made the decision to invest in property. Buying in the right place, at the right time, at the right price is the recipe for investment success, and although it sounds simple, getting this mix right is the trickiest part of property investment.
Choosing the right location is critical. When investing, you’re not selecting a location where you would necessarily choose to live. It’s a time to put personal preferences aside and look at the facts, and ultimately choose a location that will offer you the best investment return. There’s no point snagging a bargain if there’s little rental demand, leaving you with no tenant to provide income.
There are a number of things to keep your eye on when scouting for a location to invest.
Transport is a big one. Areas that are scheduled to benefit from improved transport infrastructure often boom as people move to improve their commute. Proximity to major transport lines – buses, trains, trams and ferries – are obvious drawcards, but well-supported mixed networks of park-and-ride facilities, bike paths and local shuttles also make areas more attractive. Government announcements and websites will give you a good handle on what is happening where.
In addition to transport, good infrastructure is also important. Access to services such as hospitals, schools, child care options, universities and shopping centres has a huge influence on the appeal of a location.
This leads to the health of the local economy, another crucial factor. When assessing an area for investment, look into the local industries. Is there a mix of shopping strips supporting local small businesses and larger complexes with supermarkets? What about business parks and industrial complexes? A range of businesses and industries are needed to support and contribute to the local economy.
Lifestyle is also a major factor. What does the local area offer the people who live there? It may be restaurants, cafes and bars, or theatres and nightclubs. It may be the natural environs, such as beaches, lakes, mountains or bushland. It could be as simple as great parks and bike paths for the kids, but there needs to be a lifestyle appeal to create a good location.
Of course, once you’ve selected your location, you’re not home and hosed. You then have to choose what to buy, when to buy and how much to pay. Fortunately, there is another option.
Serviced apartments offer a great alternative to investing in residential property the traditional way.
Teams of researchers work on discovering and assessing locations that have healthy economies, are important centres in the region, have prospering business centres and great infrastructure to support the local community.
When you choose to invest in a serviced apartment, you know that all the location due diligence has been done for you. Similarly, the hard work about deciding what kind of property to invest in is also done: serviced apartment operators develop properties in areas well-supported by corporate travellers, as opposed to traditional tourist centres.
Serviced apartments offer investors a simpler way to solve the “location, location, location” dilemma and achieve the right mix for property investment success.
Quest Properties offers affordable property investing options with high rental returns (commonly around 6.5% plus) and attractive tax deductions. A Quest property is a secure, high yielding investment with extra benefits such as no property or letting fees.
Whether you’re looking to invest, explore the various benefits or would like an update on all our property news, simply register your interest and we’ll tell you everything you need to know. https://www.questproperties.com.au/register-interest-quest-properties.
*Original article published with Your Investment Property can be found here.