6 Tips you should know before buying condo for investment 

6 Tips you should know before buying condo for investment 

Buying a condominium for investment, for rental income, is another way to generate passive income in the long run. Not many people are successful in doing so, and there are quite a few people who give up halfway. Today, BR Agents would like to share 6 tips you should be aware of before purchasing a rental property that tend to be overlooked by buyers, and are often omitted by most real estate agents. 

1.Survey the surrounding areas

It’s good to keep up with current events and new updates, especially for future land development, in case there’s any potential upcoming shopping malls or community centres. The convenience and attractiveness of the location can help attract more tenants, and influence their decision to rent. On the contrary, if the adjacent plots obscures the view, it can make it harder to find tenants and rent out. A lot of tenants tend to choose condominiums with a nice view. 

2.Choosing popular/more well known brands can help you with rental more than you may think
Choosing to buy a condominium from a popular developer brand can help create a better brand image for your tenants. The brand’s marketing and image affects taste. The more popular and well-known a brand is, the more investment and attention to detail is given to the quality of the materials used, which can also be a great selling point. 

3.The condition of the condominium

Investors tend to focus on the specifications, visit sample rooms, visit the common areas, often forgetting to inspect the exterior of the building. If the building doesn’t look nice, and the condition is quite old, then people probably wouldn’t want to rent. Don’t overlook this point when purchasing a place. 

4.Explore from the road to the entrance

How convenient is it to travel? Is there a lot of traffic? Are there any connecting roads or streets? Is it located near an expressway? It’s easy to overlook these things, but tenants often consider convenience in traveling as one of the top reasons for choosing a place. 

5.Don’t overlook parking

Parking is an important selling point of a condominium. How close is the condominium from the nearest train station? A lot of people look at parking spaces as well, so it’s another way to attract tenants. If the location is good, and there’s enough parking, tenants will be able to decide to rent more easily. 

6.Unit size and layout

Choose a unit size that would suit the lifestyle of your target audience. For example, if you want to rent out to students, perhaps you should consider a studio room that’s a little smaller, and easier to rent out for a cheaper price, so the price is within the range that’s affordable.If your target audience are working people, then perhaps a unit layout that’s more segmented would suit them more, such as a 1-bedroom unit. If you want to target foreigners, then you should dive deeper to see what nationality your tenants would be. For example, Japanese tenants tend to prefer rooms with a bathtub to relax and soak in warm water. It’s important to find the selling point of your unit for condominium rentals. 

It’s just a small tip, but it’s often overlooked. It may cause problems later on, as every investment is risky. Before investing in anything, it’s important to do proper research and study the information thoroughly. The more careful you are, the lower the chances of failure. For anyone who is interested in investing in condominiums, come and consult with BR Agents, free of charge! There’s no cost at all.

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