LIFESTYLE
invested
interests Are you considering renovating an apartment to rent it out or sell it on? Mary Singer finds out how it’s done from three DB property agents and a DB based property developer
A Photos courtesy of Emsworth Suites
mazing views and large outdoor entertaining areas are among the most important criteria for selecting investment units. So says Alison Whalley, a DB resident of 16 years and CEO of property developer Emsworth Suites. “When we satisfy these criteria (at a reasonable price), the final result is an apartment that is unique and desirable to tenants and agents alike,” she says.
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Ten of Alison’s 15 rental properties are located in Wanchai and Sheung Wan, five in Discovery Bay. And DB agents, Edina Wong, senior director at Savills, Brian King of Headland Homes, and Roenel Turner of Lifestyle Homes, confirm that a great location is always a key deciding factor for wannabe landlords. “This is particularly important in DB due to the ferry/ bus requirements,” says Brian. “For instance, a chef working in town may want to use the bus, so Chianti is a good bet, whereas the Beach Village may suit a family more.” It’s clear you need to know your tenant/ potential buyer base – and your budget.
November 2013
“Most important is working out how much you have to spend on a property, and making sure you get a good deal,” Roenel says. “You’ll want to get a good yield on your investment.” So is it wiser to invest in a two-bed property or go bigger? “Over the past few years, there have been some very good buying opportunities in DB,” Alison says. “Our DB properties vary in size – some being three bedrooms and others being one bedroom – however all of them have private outdoor terraces.” “The lump sum for purchase and rental is of course more affordable for the two beds, however competition is higher,” says Edina. “Supply for four beds is not that abundant, and that lack of supply in the long run will help in the appreciation in value.” “The market changes a lot,” Brian adds. “Obviously a multi-bedroom house is more expensive, so this type