As the most populous city in Australia, it’s no surprise that people need assistance finding the best investment properties for sale in Sydney. With many different suburbs, and areas surrounding the city, it’s hard to know where to start when it comes to expanding your property portfolio. While there is no doubt that looking for investment properties for sale in Sydney is overwhelming, an investment property can help you to achieve your financial goals faster. Investing in property is a constant money maker because everyone needs a place to live, and most people simply aren’t savvy when it comes to investing in properties themselves. Here are some handy hints to help you find the best investment properties for sale in Sydney.
Do your research on properties for sale in Sydney
You should have a strong idea of the area you are looking to buy into in Sydney. If you don’t know the area well, think twice before investing in it. Look at concerns such as the median price of properties and recent market growth. Investing in areas with strong development is a good idea as surrounding areas may experience a rapid growth which will give you increased demand for your property, as well as an increased value on your property. Many property experts regularly discuss up and coming suburbs, and these can be a good starting point. You should also look for areas where the rental income is high compared to the property value. Keep in mind that new developments or zoning changes could also negatively affect your property value. Just be aware of any future developments before you commit to a property. By having a strong understanding of the region, this will help to guide your overall investment potential.
Ensure that you pick the right property type
If you are looking to rent out your investment property, it pays to know that while houses have better capital growth, apartments have a much better rental yield. This should influence your buying decision, however, it does depend on what type of people are looking to rent in that particular area you are looking to purchase in. You should look for properties for sale in Sydney that will appeal to as many potential renters as possible, and is close to important amenities such as schools, shops, and public transport. Having a property that requires low maintenance will also keep your costs down.
Do the maths
You may have worked hard to save for a deposit, but you will need to take into account the stamp duty and land tax when purchasing properties for sale in Sydney. It’s important to keep in mind that if a deal doesn’t make sense financially, then it probably won’t be a very good long term investment. When looking at different investment properties, create a spreadsheet and do a full property evaluation on each property you are considering. While you are looking at the numbers, make sure you get a conveyancer to take a good look at the contract before making an offer or bidding at auction. You may be able to negotiate in some areas.
If you are looking for investment properties for sale in Sydney.