Not all of us want to be property moguls but that doesn’t mean excluding property as part of our retirement plan or investment portfolio. Everyone would like to make money with little or no effort but as they say “if it seems too good to be true, it probably is” so it’s best to get professional advice that is specific to your financial situation and your long term goals.
So what if you want to purchase property but don’t want to become a property expert, want to avoid risks and don’t want the added burden of managing property? Some properties are more hands on than others and people should look for different types of properties based on their stage of life and financial goals.
So what should investors look out for when seeking a minimum hassle set and forget property investment?
Good Quality Property
Regardless of the budget you have to spend on the investment, you want to ensure you are buying a quality property. Find out as much as you can about the history of the property, when it was built, who was the developer and what other developments have they been involved with. If possible, speak with existing tenants and ask questions about the building structure, fixtures, plumbing and maintenance and discover as much as you can about the property.
Don’t be lured by cheaper properties in less desirable locations. It is better to spend more to get a property in a location that has demand and opportunities for the future. Look for properties that are near key infrastructure such as schools, universities, hospitals and transport. Look for properties that are close to shops, cafes, restaurants and entertainment. People often make decisions off first impressions so be certain that the property is instantly appealing with attractive landscaping and front façade. Ensure your investment has location appeal.
Proven Development Team
Make sure you are investing in a quality apartment or home that has been built by a well reputed developer or building company. Do your research into the developer and look at their project history, awards, testimonials and experience. Learn as much as you can about the quality of the developments, the quality of the fixtures and effort and energy the company puts into taking a long term view with their projects.
If you are looking for a hands off investment then seek out a property manager that will manage it effectively for your needs. A property manager will take care of all the time consuming tasks, will have industry experience and access to reliable trades people. It is crucial to understand what is included in your fees, what the process is for managing maintenance and repairs and how thoroughly your property will be checked and cared for. Their ability to screen tenants, lodge and manage bonds and handle disputes should form part of your consideration when making a selection.
“Set and Forget” with Quest Properties
Quest Apartments offer a true “set and forget” investment that tick a number boxes for investors looking for hands off investments. Quest undertake extensive due diligence on a location, working closely with all tiers of government to find out what employment, industry and infrastructure plans are in the pipeline. Quest are committed to purchasing quality property in a quality location and with over 5,000 strata titled serviced apartments owned by private investors, the investment comes with long-term security and enviable cash-flow benefits. A Quest investment will take care of itself, providing a reliable income stream. If you are interested in learning more about investing in serviced apartments register your interest online.
Disclaimer: while due care is taken, the viewpoints expressed by contributors do not necessarily reflect the opinions of Your Investment Property.