Media rooms, master bedrooms with ensuites and walk-in-wardrobes, outdoor entertaining areas, multiple living rooms, open-plan designs, kitchens with modern appliances, trendy materials and modern colour schemes are all standard in new homes and all in demand.
Building a new home can be a lot easier than investors might think, especially when it comes to buying a turnkey house-and-land package.
In many ways, this is the most attractive option for investors who don’t want to waste time and money on every little detail. A turnkey package means the house is completed for the investor, and tenant, so all you need to do is “turn the key” and move in.
It includes everything you often hear has been excluded in newly-built homes such as floor coverings, a driveway, landscaping, fencing, blinds, flyscreens and the letterbox.
Often these are excluded so home owners can save money and do it themselves or hire third parties to suit their individual needs. For investors, it’s not personal, so you’ll be able to make decisions based on what’s going to suit the broader market.
Some investors choose to build an investment property because of generally-low vacancy rates, premium rents, good resale value and few to no maintenance costs as everything is under warranty.
Building an investment property from scratch allows you to do your research and tailor the property to the market right from the outset. For instance, you can build the property for dual occupancy so it could house more than one tenant or be subdivided in the future.
Of course you will need to consider all the usual things when it comes to buying an investment property including working out your costs and choosing the right property manager.
There are many different ways to invest in property. Whether you’re buying your very first investment property or diversifying your property portfolio, building an investment property can be a smart and surprisingly simple way to strengthen your portfolio. Don’t rule building out. It might just deliver the perfect investment property for you.
Tags: building an investment property
Are you building your next investment property from the ground up? Try to keep the following seven things in mind.