In this day and age, sticking and limiting yourself when it comes to income sources would not be wise. With rising commodities and tremendous employment competition, one has to be smart enough to invest their hard earned savings into the right places. One way to do this is by putting them into properties. But how can one determine which asset to place their bets in? You don’t want to end up crying in this game. Correct? To help you, we’ve rounded up a list on what constitutes a profitable property investment. If you’re mighty interested, you better get your note taking tools ready and read up.
First is location. For an asset to have higher appreciation and demand, it has to be situated in key areas. By investing in assets that are in close proximity to several relevant establishments, you keep them within interest to people. Take residential units near employment hubs and educational institutions as well as store or retail outlets in commercially thriving towns or cities.
At the same time, the other properties or structures adjacent to or near the asset can affect its value too. When it is near roads and transportation hubs, people would prefer it. The reason is simple. It’s because of accessibility.
Second is safety. Everyone will want a safe neighborhood to live in and a secure area to hold and do business. Safety pertains not only to the absence of crime but also to the least likelihood of accidents and calamities. Remember that even if these things happen to most areas, certain places are more flood, fire, hurricane and earthquake prone than the others.
Third is parking space. This is true for both residential and commercial units but all the more for the latter. People have cars and we all hate it when a shop we head on to has limited or worse no parking lot allotted for customers. That’s a major drawback. Check the asset regarding this at all times.
Fourth are low ongoing costs. Upkeep and maintenance of assets are essential for both safety and aesthetic purposes. These are needed to ensure that the fixed asset can be livable, operational and functional as should be. They will be necessary so you have to get an asset that has fairly low repairs and maintenance costs. You cannot call it a profitable property investment if it will cost you a lot over time. To establish the costs, you can hire the expertise of a chartered surveyor who can examine the place for you.