Joel Davis,
Strategic Director at Image Property.
Tips for Purchasing an Off-the-Plan Property Investment
Off-the-plan property investments are those that are yet to be constructed or are under construction. There are good things and bad things about investing in off-the-plan properties. Because they are still at development stage, you can get a very good deal with the developers. They can also be a risky investment, but if you choose the right property, it can actually be very rewarding. The trick is in finding the right property and in assessing the profitability prospects of the investment.
Location is Everything
In property investments, location is everything. If the property you are eyeing is still in the planning or construction stage, you will need a bit of foresight to imagine what it will be like in a few years’ time. The area may be barren right now, but in a few years, the properties in there could be in huge demand.
Check the local amenities that already exist or are already on the drawing board. People will require these amenities in their area if they wish to live there. There are hints that you can take from the existing and the planned improvements in the area. Are there easily accessible public transport systems in the area? Is the location near a business district? Moreover, is the business district doing well economically at the present time? Are there plans for the near future? What are the economic projections for the area? These little questions are good to ask when assessing the competitiveness of the property. It is very possible that you can obtain a diamond in the rough with a property in development.
Background Check the Developer
Many times, the success of a property depends on the developer. It will be safe to buy from a real estate developer of good reputation, although you shouldn’t dismiss up-and-coming developers as well. Do a little research on the people handling the project. This is part of the due diligence you simply have to cover.
Seek Help
It is always a good thing to get advice from an expert property management firm. You will need all the help you can get. Besides, you do not want your precious investment money to go to waste. So if you are going to invest, you should give it due attention.
Image Property Management can provide property investors the help they need in finding the right investment property that will be a hit in the market. The property management company can help you when it comes to property rentals and making them as profitable as possible.
Off-the-plan properties can be a great investment opportunity. By doing the required due diligence, you can get into a smart investment that will be rewarding in the future. Once you have found the property in which to invest, grab it while the price is still affordable.
To learn more about Image Property Management and its services, visit the company’s website at www.imageproperty.com.au.
