With the changing demographic for inner city, off the plan apartments, one property investment tip that every serious investor should know is the value of some features that are often not heavily marketed or sold to potential buyers, but are incredibly valuable to potential tenants. These features are the things that tick boxes for potential tenants when the market offers an abundance of choice; when new apartments offer exceptionally well thought out kitchens and spacious, luxurious bathrooms, then there needs to be something else that differentiates things for the potential investors and later on the tenants.
Traditionally, these type of amenities were things like access to public transport, school catchments and proximity to local shopping and cafes. The reality is, even the most novice investors now know to look for these things as part of their decision making process. What more savvy investors are now looking for are things that they can market to potential tenants as something extra or special.
As more people move into inner city, off the plan apartments part of the process for some is downsizing. Getting rid of some of the things we accumulate over the years can be cathartic, but for many people it is actually an inhibitor to making the lifestyle change they want. They hate the idea of getting rid of some of their possessions. This is where a feature like a storage cage can be a really appealing asset for a possible tenant. Having the ability to keep some of their things safely locked up in a cage gives possible tenants options. If they want to keep their artificial Christmas tree somewhere or their travel luggage, they have a spot safely out of the way for it. Maybe they play golf once in awhile and they want to store their clubs. Something like a storage cage in a building makes the apartment lifestyle not just more palatable, but even more appealing.
Another amenity that is becoming more common are games rooms. For many people, moving into an apartment for the first time is challenging because they think they’ll lack the space they may have always had or have grown up with. Having a dedicated room in a building set aside for recreational activities like ping pong or yoga offers people a different perspective on apartment living. In and of itself, a space like that may not actually get used much, but it helps open up the possibilities for possible tenants about some of the flexibility that living in an inner city apartment can offer.
For many people who are looking to make the move to an inner city apartment lifestyle, their physical well being often comes into play. Many of these potential tenants ride bicycles and go to the gym. Many off the plan apartment buildings now have amenities like bike storage areas and high quality gym facilities. This doesn’t mean a bike rack or a room with bad carpet and a cheap exercise bike, these modern features cater to the idea of convenience and achieving a better lifestyle.
This just gives you something to bear in mind, one strong property investment tip is to pay attention to some of the things that as an investor you may not consider important. Think like a possible tenant and put yourself in their shoes to try and understand what motivates them. At that point, you’ll start to see some of the hidden value of some of these lesser considered features of your potential investment.