What To Look For In An Off The Plan Property
With the large numbers of off the plan properties being scheduled for development in the near future and coming onto the market at the moment, many investors are left wondering what exactly they should be looking for in a good, long term investment. While everyone’s requirements are different in terms of budget, strategy and timing, there are a number of elements that anyone interested in property investment should be looking at to help maximise their returns.
Location
The idea of the “right” location is discussed a lot by property experts and those in the industry, but it can often be confusing for everyday investors who in most cases would just like to be told the exact suburb or even the street that they should be buying into. Of course, like all investment assets, the concept of picking the property investment “winner” is never that simple. When looking at off the plan properties your general goal should be to buy in at a great price, then take advantage of a thriving rental market when it is completed to secure a high value tenant and sit back to watch your investment grow in terms of capital value. These strategies will normally be based upon the fact that the property you choose is in a great location both for rental and capital returns – close to the CBD of one of the major capital cities in Australia such as Sydney, Melbourne, Brisbane, Perth or Adelaide, close to transport, educational facilities, shopping, recreation and entertainment facilities. So while there is no “magic” suburb or city, there will be locations that will be more favourable for long-term sustainable growth and rental returns than others.
Property Features
Again, when looking at off the plan properties it is very important to think about what will attract high value tenants to your property as opposed to the others being listed. If location is the most important factor in a property’s attractiveness, then features come a close second on the list of desirable qualities for tenants. These days it seems as though developers are going out of their way to add value and facilities for both owners and their tenants, with features such as indoor and outdoor lagoon pools, gyms and health centres, libraries and music rooms becoming standard inclusions in new and off the plan developments. Other features such as gardens, restaurant catering and full time concierges can also add that extra factor that makes a property desirable and attracts a higher rental return.
If you are looking interested in property investment and thinking of off the plan developments then it is a good idea to talk to professionals in the industry. Experts such as Ironfish can help you create an achievable investment strategy for the long term, and they can assist you with all aspects of off the plan and new developments including finding the right property for you, getting high value tenants and ongoing property management services.