Joanna James
As the easiest means of getting into the property market, purchasing an apartment is a profitable but challenging task. Here are some tips on how to make an apartment investment worth the risk.
When looking to make an investment in apartments no other aspect can increase or decrease the value of a property more than location. A central location in a major city or a suburb will always be in demand and fetch a high price in terms of what tenants will be willing to pay as well as when it comes time to offload or re-sell the property. Make sure the apartments are located in a convenient location within close range of public transport networks, shopping venues, schools, supermarkets, malls and other lifestyle elements as there's exponential room for growth in apartment compounds located in strategic city areas.
Investors must always put themselves in the shoes of potential tenants when exploring their investment options as the success or failure of the venture will depend on whether the apartments meet the needs of tenants. Posing questions such as "would I rent an apartment here?" or " what makes this apartment complex the best choice in the area?" can help one narrow down the key selling points of the investment while alerting one to the drawbacks if any.
While high rise apartment complexes and sky piercing developments may be all the rage in the property market, boutique apartment blocks are of higher value. There's very little to differentiate your investment from countless similar compounds when it is a series of units in a 40 floor structure. Aim to purchase blocks of apartments that include a lower number of units and no more than 20 so the unique features of the property will not be lost on potential tenants. What's more, boutique blocks will also appeal to those who are looking to live in an apartment but still yearning for the close-knit community feeling of a traditional neighbourhood. Most high rise apartments lack this community touch as they become impersonal concrete filing cabinets for professionals.
Apartment investment is a lucrative market and those who wish to pitch their stake in should do diligent research on the current selling rates in their particular areas of interest. Regardless of what the advertisement or brochures say, one must do the rounds and learn of the going rate for apartments in the same area with similar on-site facilities. The rent that's typically earned by landlords in a particular city block can also alert buyers in to how much they can expect as returns on their investment as competitively pricing the rent is also crucial to success.
Whether it's TRI-ZEN or any other upcoming developments and apartments in Sri Lanka, every property has a series or number of on-site amenities that set it apart from similar complexes. Swimming pools, gardens, gymnasiums, parking facilities and club houses are just some of the most sought after amenities apartment tenants look for in a potential home. Finding apartments or an apartment complex that fits the bill in this regard, is, therefore, equally important.
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A travel writer who has a passion for fashion and a deep interest in admiring new and exotic attractions around the world.
