Apartments: A Number of Varieties and Opportunities for Income
Apartments are most commonly found in cities where living space is limited. They’re great for those who are single, have no kids, or have entered their retirement years. The variety provides steady income for investors and entrepreneurs, too. Let’s take a look at four apartment-types for living in and renting out.
A serviced apartment is fully furnished. It is available for short- and long-term rentals. The utility bills are included in the price. They operate like a hotel and offer customer service in a reception area and maid service.
This is a good option for relocations, those in between homes, and longer vacations. As an investor, you can turn this into a turnkey income stream.
The average apartment in Australia measures 129 square meters, which is a 3% increase from previous years. A small apartment comes under 100 square meters. Trends show that more Australians are adopting apartments as their housing instead of homes. If you are an investor, it’s something worth exploring.
Holiday letting is an alternative vacation housing option. It’s furnished and short-term, which poses a possible discount in price against the hotel options. Hotels are stepping up their offerings, but some vacationers simply prefer to feel like they’re staying in a home instead of a room.
Individuals who participate in holiday letting report that they can earn in one month a year’s worth of attractive income.
Small Living Area
Residents are working with small living area apartments because it fits their budget, location, or convenience. Investors might enjoy these apartments because they require less maintenance.
The trends show that apartments are gaining traction among the general population and vacationers. Plus, this housing option serves several purposes. For investors and entrepreneurs, this is one way to make the housing market work for you. For more information about financing a residential building purchase, call our Mortgage House team. We also provide tools such as budget, interest rates, and car loan calculators.