Apartment living is a lifestyle choice for which many renters are willing to pay top dollar, provided they get bang for their buck. If you’re planning on investing in a high-end apartment, it’s important to ensure you are providing the right features to target the large market of mostly urban professional renters attracted to low-maintenance, high-comfort living.
One of the major reasons for choosing apartment living is location, and the convenience of being close to the city, the beach or major urban hubs. When considering an apartment investment, aim to buy centrally, or in areas that have good transport links to the city and inner suburbs.
Remember that in less-well-connected areas, prospective tenants will likely find houses with yards and space a more attractive prospect, so apartments in these suburbs won’t be able to attract a similarly high rent.
Balcony or outdoor area
Apartment living is often about minimising maintenance: apartment dwellers simply don’t want to have to maintain a yard and garden. But this doesn’t mean they don’t ever want to be outside.
A good, decent-sized balcony or other outdoor space like a rooftop is always a major plus in any apartment. The bigger the better, and, of course, don’t forget the value-adding potential of a good view.
For many apartment renters, off-street parking is a make-or-break feature. Having a parking space allows you to charge a great deal more for your apartment than you would otherwise be able to. For something really out of the box that will make your property really stand out from the crowd, look for properties that have two parking spaces.
Gyms, pools, lifts and rooftop barbecue areas are all key mod-cons that can allow you to charge more for your apartment. Again, remember that for many people apartment living is principally a lifestyle choice, so the more added extras to support this lifestyle the better.
No one enjoys taking their dirty clothes down to a laundrette, and no one prepared to pay top dollar for an apartment will be willing to. Many modern apartments often include European-style laundries – that is a front-loading washing machine in or near the kitchen, rather than a separate laundry room with a top loader. This is fine so long as the apartment either features these built in or space to fit them. An apartment that also has a dryer or space for a dryer will be able to attract a higher price.
For professional guidance on property investment and management in Sydney, contact the team at K.G. Hurst today.