Not only should you consider the attributes of the property, but you must also consider your own financial personality. When it comes to choosing an investment property, no two people are alike. What’s perfect for you may not be perfect for someone else. Your comfort level is important, and you should also consider how involved you want to be with the property.
Here are some of the questions you should ask yourself so that you understand your own profile as a property investor a little better.
- Do you want to be involved with a body corporate? (Units and townhouses usually operate under a body corporate.)
- How often do you want to be concerned with painting? (Timber properties need to be painted every few years.)
- Do you enjoy organising tradesmen? (Newer properties require fewer repairs than older properties.)
There is no single type of investment property that is substantially better than others. The economic performance of a low-set brick property in the outer suburbs may match that of an townhouse in the inner city. While some properties will cost you more along the way for better gains at the end, others cost very little along the way, for lower end gains.
Below is a list of property attributes to be considered. Not all of these attributes will be found in any one property and sometimes it may be a case of trading off better attributes for the price.
- Physical Attributes (Construction style, material, condition, size, car space etc)
I have chosen to have a selection of residential property types in my personal portfolio including townhouses, apartments and land and house packages.
WHAT WOULD YOUR IDEAL INVESTMENT PROPERTY PORTFOLIO LOOK LIKE? LEAVE YOUR COMMENTS BELOW….