Multi-family properties are booming across Australia, leading many investors to wonder if this is where they should be putting their money. If this sounds familiar to you, then you should know that there is no better time than the present. Investing in real estate is always a good idea, but here’s why you should be looking at multi-family properties in particular.
1. They’re easier to manage
This is all about location, location, location – and you know already how key that is in real estate. When you have a lot of properties to manage and they are spread out across a city, it can be a drain on your resources. You might be driving from one end of the city to the next to sort out problems with your tenants, or to hold viewings. When you have all of your properties in one place, with multiple tenants under the same roof, everything becomes much easier to deal with.
2. It’s easy money
With money coming in month after month, there may be long stretches of time where you have nothing to do except watch the money come rolling in. The great thing about multi-family properties is that they will use many of the same services, for example water and electricity. This means that you only have to fix or deal with problems every now and then when they arise for everyone, which is very different to having separate properties.
3. Your investments pay off
Imagine that you want to raise the value of your property portfolio without adding to it. You can, for example, landscape the lawn, or have the curb fixed up. That’s great, but if you have a lot of properties, the cost will rack up. But with a multi-family property, you just have to do this once and the value of all of your investments will rise. This is a great way to take advantage of the current boom in Australia’s housing market, and to stave off sinking values as well.
4. You can create variety
If you want to get more value into your property, you can also create variety by using the different spaces. Let’s say that you have a 10-family property. Why not change it to a 9-family property which has a convenience store, a hairdressing salon, or another important amenity? Use the help of a reliable real estate agent found on websites like OpenAgent to help you establish which amenities would be the best. Proximity to local businesses will help to push the value of the homes up.
5. Make the space your own
How would you like to manage your properties? No matter what the answer is, now you can. Let’s say that you think all rented accommodation should come with access to a laundromat, a private bike shed, a communal barbecue area, or so on. You can create that appeal, and again, you only have to do it once in order to benefit everybody. You have the space and the savings to create what you want.
6. Value doesn’t change
The important thing for investors to know about multi-family properties is that their value does not change. Maintenance is a lot cheaper for multi-family housing, and you can also raise the value whenever you need to, so you won’t be faced with the prospect of making a loss if you ever decide to sell.
7. You can change lives
Finally, having a multi-family property done the right way can make a real difference to the people who live there. By investing and managing responsibly, you can improve their living conditions and give them a home to be proud of. That’s priceless.
There are plenty more reasons why you should invest above these cardinal examples. Don’t take our word for it – invest in multi-family property and see the results for yourself.