It was about 5 years ago when I saw the most perfect one bedroom apartment building for rent in a lovely leafy area of town. It was actually a beautiful old house converted into 4 apartment rentals, and there was one apartment for rent on the second floor. The price, location, and building were just right so needless to say I snatched it up pronto.
Choosing where to live is an important consideration in all of our lives. Some people prefer to own their own property, but many prefer to rent. Yet others prefer to own and rent at the same time by living in the apartment building they manage and renting out the rest of the units. Finding the right apartment building for your needs is a task that should be done with meticulous research and background information.
In fact the apartment building I moved into was a renovated house and the owner also lived in one of the units, but he told me that as he was now and alone and getting on in years, he was preparing to stick an apartment building for sale sign out the front and move into sheltered housing. I must admit, the idea of buying the building and getting into the apartment renting game seemed very appealing to me.
Many folks are getting into the buy to rent business these days and for good reason. One type of apartment building that is becoming more popular is the renovated farmhouse that has been modified by splitting the floor plan into separate apartments. In this kind of apartment building, the residence looks like a big old house from the outside, with one main entrance. It is only once you step inside the apartment building that you realize the house has been split up into separate units.
Investing in a renovated house is a great business plan. Usually the mortgage is relatively cheap, and so it is not difficult to secure financing providing you have a good credit rating, thus making this an easy investment to secure financing for. You will be able to cover the cost of the mortgage as well as make a profit from the income you receive from renters. However, you obviously need to do your homework and present your plan to the bank or building society as it is a business idea after all.
A more traditional style of apartment building is a large square building with long hallways on each floor and many identical units. Living in a traditional apartment building can be an adventure and a risk. The traditional apartment complexes are usually three stories tall, with anywhere from fifteen to thirty apartments per building. And living on any level comes with its own advantages and drawbacks. Living in a lower level apartment in an apartment building assures you of hearing your upstairs neighbor’s every footstep. If the people living in the apartment above you have children then this could be a noisy life. Living in the upper level apartment in an apartment building is better in terms of noise, but keep in mind that you will have to either climb stairs to get to your apartment or take an elevator. This could make moving difficult. And finally there is the middle apartment and this is perhaps the least desirable apartment in any multi-level apartment building because you will have noise from above and below as well as a trip up the stairs every time you come home.
Choosing the right apartment building for your needs doesn't have to be a daunting task with the help of a realtor and a little investigation into the community you will be living or investing in. Apartment living can be comfortable and inexpensive and if you really want to go up-market you can always invest in a serviced apartment project. I used to think that landlords were an elite group of wealthy property owners, almost a private club type of setup, but after doing my homework, it looks like a reality that is well within the grasp of Joe Average should he want to take on the task. It's looking increasing likely now that I will also use an apartment building to earn money, in fact, I'm in the process of taking over this one from the old man.