If you own or are considering owning commercial property in Melbourne, take the time to consider your investment targets and then look at the ways you can add value to a property as an investment over time.
There are quite a few good ways that you can boost property value, so set your plan and move on the opportunities that you can see.
So where do you start? First and foremost, you must know the local precincts and the property types in which you prefer to invest. That is a researching process to be undertaken by some analysis of sales, rental results, and advertisements both online and offline for the location. You have various sized properties in office, industrial, and retail.
It can be said that industrial type properties are at the basic end of asset performance, and retail is at the complex end. The same rules apply with construction costs for the assets. To help you understand construction costs in each capital city or state location, you will find online assessments of construction costs; the reports are usually published regularly by some of the larger nationally based ‘quantity surveyors’.
Set your location first so you know exactly where you want to find the property or investment that you are looking for. The location will be set by main roads, and perhaps some geographical boundaries. Suburbs can then be identified. Split your investment territory into ‘primary zones’, and ‘secondary zones’. You will then know where to focus your property research.
Understand how many properties could be in your primary zone of investment. With that information, you can then look at the following factors:
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