With rapid globalization and more and more people seeking jobs outside their current locations, and frequent traveling; all have led to a requirement of accommodation which is not permanent. Also, everyone cannot afford to pay sky touching tariffs for high end hotels for a very long time. This is when rental accommodation such as service apartments play huge role in providing temporary accommodation to the residents. Service apartments are the best alternatives for both people seeking rental accommodation as well as owners to give their property on rent.
Service Apartments are Temporary Homes
Any professional or student or any individual looking out for an ad-hoc accommodation can easily rely in Service accommodation for their requirements. But investing in the right property so that it proves to be a lucrative option in terms of fetching returns is also important. So let us have a look at some of the key points that you need to consider and keep in mind while investing for a service apartment.
Tips from the Buyer point of View
If you are planning to offer your property as service apartments it is important to make sure that you are investing at the right place. Corporate are the major client base for this category of housing. Therefore, it is important that you choose a location which is in proximity to the offices and corporate set-ups which will make your property a preferable option for the out-stationed employees working there and seeking a nearby accommodation. Another important tip would be to make your apartment well furnished. This is because when people want to shift into a service apartment they are not equipped with even the basic amenities and thus want a place that will render them all. Unlike the hotel rooms service apartments should have a kitchen and facilities such as internet connection, telephone and fax.
Why invest in Service Apartments
Even if we talk from the tenant’s point of view the above mentioned points very much apply to the people seeking service apartments. The investment is too less as compared to be staying in a hotel with all these facilities. Some great benefits include –
Rental system which is fixed
Lease is long term
Benefits of Superannuation and tax
100 percent tenancy and no vacancies
There is no fees payment for the maintenance, repair or management
One of the most beneficial points is that while looking for a typical rented house, you might have to get involved with the manipulative negotiations with the tenants which can prove to be a stressful task. But in a service apartment, all of this headache the service apartment investors bear.
Investing in service apartments is becoming a great business option for many. It is one area of business that will fetch you guaranteed returns with one time investment. Taking advantage of this trend, not only individual investors but many corporate, especially the hotels are venturing into service apartments and expanding their business. The number of expats is only going to increase in numbers with every passing day making this an industry which will be never short of demand. So if you are investing in a service apartment, you are never going to regret your decision of putting your capital at stake.
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