Location no longer top priority for tenants
When looking to invest, it’s important to consider more than just proximity to school zones, flight paths and public transport, as there is now another top priority for tenants.
Blogger: Grant Mifsud, senior body corporate manager, Archers Body Corporate Management
As the partner of a body corporate management company, one of the most common issues I deal with is noise complaints, particularly from those living in inner-city hubs. Consequently, before purchasing an investment property it is important for buyers to view the property at different times of day to detect common noises you wouldn’t typically hear upon first inspection.
In the past, we’ve had people purchase an apartment above a railway and then complain about the noise from the railway. This goes to show that it’s common to dismiss a noise after hearing it once, however when you (or your tenants) hear it every day, multiple times, it’s a very different story.
Noises like this can deter prospective tenants from renting your investment property, and easily turn a good investment into an unprofitable one.
Another source of noise common to apartments is shared facilities. Many apartments are built around a pool or tennis court; which are attractive in-house facilities, but entice a number of families with noisy children.
Investors should carefully consider the type of tenant they would like to attract. If you are looking for reliable family renters, then these shared facilities may be appealing, but the accompanying noise may deter empty nesters and retirees.
Investors should also consider the apartment’s proximity to neighbours. If the apartment shares four walls, is located on the ground level, or positioned next to the elevator, you may experience more noise.
When you live in an apartment, it is easy for sound to travel through walls, around fences and directly into the bedroom of a restless sleeper. Over the years we’ve handled many complaints about flushing toilets, pets, parties, arguing and excessively vocal ‘intimate time’. As such, prospective tenants are more likely to choose an apartment that shares less walls, and therefore offers more privacy and peace and quiet.
Finally, it’s important when you buy into an apartment complex that you know the rules. When you buy an apartment (regardless of whether it is an investment property), you become part of a community, which has rules and by-laws that cover your rights and responsibilities.
These by-laws govern what you can and can’t do, and the way you are expected to conduct yourself. It is important that you are comfortable with these rules, and that you pass them onto your tenant, so make sure to read and understand them before signing any contracts.
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