Over the years property investment has earned the reputation of being a solid and wise venture, but property investment is a broad term which includes many property related endeavours. It may be as simple as extending your family home, buying an additional property, or something on a much larger scale such as developing multi units.
A multi unit development includes subdividing a suitable block of land and then building multiple dwellings, including apartments, duplexes and triplexes on it. These homes may all share common facilities like a car park, security and recreational areas such as a barbeque or swimming pool. The size of the development, facilities and amount of dwellings are largely determined by the size and type of block being developed and local council regulations.
The thought of taking on a project like a multi unit development may seem risky and intimidating, but with large risks also come big rewards. One of the major advantages of multi unit developments are the flexible investment options which they offer. Once the units have been completed the owners have the option of selling all of them, leasing all of them, or selling only some of the units for a quick profit while keeping a few to lease for a monthly rental income. The owners also have the option to change this and sell any of the units at any time. This is especially convenient during times when the rental market changes or when an owner requires a large sum of money for a new venture.
The flexibility of the investment is just one of the advantages of developing and owning a multi unit development. Here are some of the other reasons why investors favour multi units:
- A multi unit development truly capitalises every inch of a block of land and no potential investment space is wasted.
- Multi units meet the demand for smaller, affordable units in popular areas in and around the city.
- The population of major cities throughout Australia is growing rapidly and more people are looking for housing, which places multiple property owners in a good position.
- Government initiatives such as tax deductions and other incentives can help make property development a rewarding investment, even after completion.
- A successful multi unit development is a highly profitable investment. Rental income or the profit from selling the units can contribute significantly to building financial security and freedom.
To fully reap the benefits of a successful multi unit development you should seek the support of an experienced property development team right from the start. Ross North Developments is a leader in property development in Perth. We have over 40 years of experience as part of the Ross North Group and our group of building consultants and specialists can advise you on the best ways to capitalise your block with a multi unit development. For more information on our property development services and projects, get in touch with our development specialists today.