Investing in property can be a great way to earn extra money on the side. One of your main concerns, however, will be where to buy your property. Cities are most people’s go-to choose but you may be missing a trick by not looking at the suburbs. There is huge potential here and this article will help you decide if investing in the suburbs is something you want to do.
Access into the city: Despite being removed from the city life; many suburbs are just on the fringe of vibrant urban life. Melbourne is currently being surrounded by new communities that offer expansive space less than an hour from the city. Land for sale Tarneit is a prime example of an investment opportunity that could be a perfect way into investing in the suburbs.
Turnover: People who choose to rent or move to the suburbs tend to want to settle in that area. This means that you will likely be renting out your investment for a longer period. A more stable renter removes the hassle of having to look for more tenants and usually means that the tenants you do have will look after the property better than those who only want a short-term lease.
More Space: More often than not, the suburbs is much cheaper than the city. Price per square foot is generally cheaper than in the city. More than this when you purchase an apartment that is all you will get. However, in the suburbs, you will likely get the surrounding area as well. Having a garden attached to your property will add a premium quality to your listing.
Fewer renters: Unfortunately, one obstacle that any suburban investor will face is the lack of renter opportunities compared to the city. This is because city life attracts a younger more fluid client that moves much more often. The suburbs tend to appeal more to an older generation who prefer to buy their properties.
Less Variety of Property: Properties in the city come in all shapes and sizes. Even within apartment blocks, there can be a huge variety in the types of property from the number of beds to the different facilities available. This is not the case in the suburbs. Much of the property out there is designed to be the same. This may appeal to some but maybe not everyone.
Secluded: Cities are exciting places to be. There is always something going on whether that be from live events, new bars, or festivals. Living in a city means that you have access to all of this. On the other hand, suburban life does not have this. It can often be secluded from the larger events happening. When picking a property to invest in, you must look at the surrounding amenities.
Investing in Suburbs
There is a huge market out there for the right investor, but as with everything, there is always a risk. Do your research and pick a place that suits your need.