Are you looking to diversify you investment portfolio? If so, one of the best ways to diversify an investment portfolio is to invest in real estate. While most people would look into investing in residential properties, savvier investors may wish to look into acquiring apartment buildings for sale in Vancouver. Why? More rooms lead to more tenants, resulting in more income.
Any property expert in the world will tell you that investing in property is all about where the property is located. This is especially true for apartment buildings. You can be sure that potential tenants will definitely want to live in an apartment in a good location. How does one gauge whether or not an apartment building for sale is in a nice location? Here are a few criteria to keep in mind:
Your new apartment building will likely attract many young professionals or even students. As such, having an apartment located near public transportation hubs is a huge advantage for you. The more types of public transportation that run in your area, the more attractive your apartment building becomes.
Another factor you should keep in mind is the routes of any bus or train that pass by. If your bus stop is not on the way to the central business district, you may not be able to attract as many professionals.
How far away is the apartment building from convenience stores or groceries? What about the nearest pharmacy? Assess how close your apartment building is to other shops that sell daily necessities.
If many daily necessities are a bit of a walk from your apartment building, you may want to look into converting the first floor in your building into commercial spaces. Afterwards, you can try to attract retail stores, restaurants, convenience stores, and the like for the benefit of your tenants.
It’s only natural that your tenants will want to live in a place that makes them feel safe. You may want to take a look at police reports and crime rates in the area. Similarly, do not be afraid to drop by any neighbouring shops to ask about the security of the area.
Fortunately, most of the information you need should already be with your chosen broker. This is why you should prioritise working with a trusted local broker, such as Vancouver Business Brokers.
Buying an Apartment Building? Do Your Homework First, realtor.com
HOW TO KNOW IF YOUR APARTMENT IS THE ONE, apartmentguide.com