There are experts who do not recommend buying apartments in the heart of the central business district, as the area is overcrowded, and the cost does not always increase over time. However, knowing what to look for can eventually make an apartment in the city centre attractive, especially given the growing demand for space in our capitals. Here I have listed some important characteristics that should be paid attention to when choosing an investment property in the city center.
- The look is designed by the architect.
Apartments with architecturally designed exteriors tend to have a greater advantage over buildings with cheap finishes and prevailing glazing outside. Buildings designed by architects are also less common and, in turn, may charge higher rents and prices.
- Take into account the noise rating.
One of the biggest problems with the CBD may be noise from the street or from the apartment complex. To determine which apartments do not have this problem, look for AAAC5 or 6 double glazing apartments as they can reduce noise. Also, check to see if there are any establishments near the building that may cause inconvenience, such as nightclubs and restaurants. You don’t want to be woken up by you and your tenants in the middle of the night or at 4 a.m. by people walking in nightclubs and restaurants.
- Choose one that has a view
Find the CBD, which primarily believes this is one of the reasons tenants want to live on top of the CBD. Most importantly, choose a view that brings a lot of natural light to your apartment. There is a great demand for homes with good natural light and good air circulation.
- Unique floor plan.
Many new apartments in the CBD usually have similar floor plans. The opportunity to stand out from the competition – to find an apartment that is a little different from others. Think of an apartment with a well-designed layout and plenty of living space, as well as a parking space or garage.
Don’t let tenants feel as if they are living in a dull common environment. Find an apartment building with floor plans, somewhat different from the package, and an apartment in which you can live comfortably.
There is always a demand for living space. Look for apartments with an interior area of at least 60 square feet, especially apartments with 2 or 3 bedrooms.
6.4 years older
There are several new apartments whose value tends to decline in the first years after construction. Although there are many reasons for this, after construction this drop or fall in value usually stops after 3-4 years. This means that you will most likely be able to overcome stamp duty by buying real estate, apartments for 4 years or more.
- Determine threats to your opinion in advance.
There are cases when the owners of new apartment buildings suddenly discover that will be built structures that can block the beautiful view from their apartment. To prevent this from happening to you, look at the council’s website and look around the area in question before buying an apartment building.
Check the area for any buildings that appear to be unused, unoccupied, or renovated, as these buildings are most likely the target of the developers. Once new buildings are built around your apartment building, these new high-rise buildings can block you. Be sure to check all the plans for the area and accept the fact that most of the events are out of your control.
- Hidden costs
There are apartment buildings with excellent service and amenities such as swimming pools, concierge, gyms, etc. Although they are attractive to new tenants, many of them are aware of the extra rental costs due to special features and services. As the owner of this building, you may need to increase your rent due to operating costs. If you plan to add features and services, keep them to a minimum or make sure they don’t require significant additions to the rent. Many new apartment buildings have gyms, a swimming pool and luxury accommodation, but they can become a major source of the owner’s running costs, especially as the building ages.