Owners of established properties should not be complacent. They are still vulnerable from many sources of underperformance, not least the poor upkeep of the asset and an unwillingness to meet contemporary expectations of tenants by keeping features up to date. Even the most conscientious investor can come a cropper when they are only one voice amongst many, and it turns out that their fellow apartment owners are short-sighted ‘she’ll be right’ types.
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It’s a competitive world out there. There are hungry landlords who want your tenants and will try to tempt them away with a keenly-priced rent and a well-presented and conveniently-located property. Your best defence against this scenario is to remain competitive
The most important action a participant can undertake to buttress their negotiation position is to have a clear sense of the market value of the property in question, built on contemporary evidence. Knowledge is truly power.
Would you spend $1 million on a one-bedroom apartment? It’s understandable if you would baulk at such a proposition, and perhaps even think it a kind of madness. But there are buyers who are willing.
Beyond freestanding houses and traditional apartments, there are a range of other older-style properties out there: namely villa units, townhouses and former warehouses. Are these worth investing in?