This question is very common and the answer depends on your individual circumstances and goals. Ie.,
- How much do I have to spend – you will find a unit is generally a lower entry point than a house
- Maintenance – what will it cost? With a unit all external maintenance and insurance are covered in the body corporate fees. Body corporate fees however can vary depending on facilities on offer (pool, lifts, gym, etc). Be aware as high body corporate fees can erode you return on investment. When buying a house the owner has to pay for the insurance, maintenance and upkeep. Set a budget so you have some idea of what these costs will be.
- Do your research – what are the rental vacancy rates? Is there transport, schools, hospitals? What infrastructure is council planning for the region? These are all questions tenants will be wanting answers to and this will also affect your rental return.
- Tenants who wish to live in a house are generally those with families and need to be close to schools and medical. These tenants tend to be longer term. Tenants who wish to live in apartments will usually need transport and close to all amenities. These tenants, in general may move around more frequently.
Call Yasna Hawthorne at LJ Hooker Mooloolaba on 0418 544 406 if you are looking to purchase or sell a property.