Do you know the difference between a good commercial property investment and a bad one? There are definitely some concerns when it comes to investing in any type of property, but the stakes get a little higher when it's a big commercial site. However, if you're adequately educated on the risks in the first place, you are set to make a good deal once it comes time to close.
Here is some advice on how you can be sure you're getting a good deal before you buy commercial property on the Gold Coast.
When you're gearing up to buy a commercial property, you shouldn't just be thinking about the returns you'll be getting in the near future – you have to consider the long game. Not all properties are going to have immediate value, but they can grow over time. The good news about the Surfers Paradise and greater Gold Coast are is that it is going through some major developmental changes.
Right now, the coast is a popular area for investors as it is being massively built up with condos and multi-unit high rises, but that doesn't mean you have to focus all your attention there. Consider the fringe suburbs. A couple years down the line once the area expands further, they will have to move outwards. Based on CoreLogic's Best of the Best 2016 report, here are three of the top performing suburbs to keep an eye on:
Take a look at what is happening to the economy of the area you are interested in. You want to make sure it's moving in the right direction (up) otherwise you risk investing in a dud area. Signs of a thriving economy include interest from strong international developers as these are usually the people who have already identified a good deal long before you. Another signs of a growing economy is a growing transportation system. It starts a chain reaction – more transportation leads to more labour which leads to more jobs, and, of course, more people to buy into your investment.
Never sign on the dotted line before you get a second opinion from a professional who knows the area. A local real estate agent knows the market better anyone and can ensure that you are getting the best price. The team here at Ray White Surfers Paradise can help you get the information you need, just contact us today.