Investing in the property market is a sure way of ensuring you increase the value of your portfolio and earn a regular income without having to work. However, not all properties are great investments. The following are tips to guide you when looking for a commercial property to purchase:
i) Check the Income Potential of the Property
When analysing an investment, the first thing you need to check is the income potential of the property or the return on investment it can offer. Since you will be renting out the property to tenants, the ideal property must be strategically located to ensure demand is high throughout the year. Secondly, the rental income the property can generate should be significant. The general rule of thumb when analysing a commercial property is to only buy a property whose rental income is higher than the monthly mortgage payments you will be required to make. For instance, if you will be required to pay AU$5,000 every month, the property should generate over AU$6,000 every month in rental income.
ii) Consult the Experts
When investing in the Australian real estate market for the first time, you risk making costly mistakes. You may end up buying a commercial property from someone who does not own the building. To avoid this and other mistakes, be sure to consult a real estate lawyer as well as a reputable realtor. These professionals will help you with the due diligence to ensure you do not lose your investment.
iii) Protect Yourself from Liabilities
Tenants and customers can get injured on your property and sue you for the resulting injuries. To avoid lawsuits, be sure to hire a competent property manager who will manage the property for you and handle all the legal issues surrounding the property. Only property managers who have professional liability insurance should be given any consideration.
iv) Focus on One Investment-Type at a Time
To get the best results, you should not invest in different types of properties at a go. If you are interested in buying a plot of land, then you should only shortlist parcels of land that meet your requirements. If you want to buy a retail property, your shortlist should only have retail properties.
Installing Refrigerated Air Conditioning in Your Commercial Property
After purchasing a commercial property, you have to make sure the heating and air conditioning systems are working perfectly. Since most Australian cities are usually hot throughout the year, what should concern you more is air conditioning. The commercial building must be cooled properly to ensure tenants enjoy maximum comfort and work productively at their offices and business premises. The following are some of the benefits of installing refrigerated air conditioning:
1. Reduced Allergic Reactions
Many people in the country have allergies that are brought about by airborne impurities, harmful airborne bacteria and mould spores. If the air circulating in the building is moist and warm, bacteria will thrive in the building. The good news is that refrigerated air conditioning systems usually remove humidity from the air, thereby drying it. The system also has high-capacity filters that can remove the tiniest particles from the air, thereby making it safe for everyone.
2. Simple Controls
You can easily control the temperature in different rooms from a single control panel in a refrigerated air conditioning system. For instance, you can close internal vents in rooms that are currently vacant to minimise energy wastage.
3. Year-Round Air Conditioning
It is important to note that refrigerated air conditioning systems have a reverse cycle. When the hot season ends, you can reverse the direction of flow of air to accommodate the needs of your heater. This means that you will not need a separate system to heat your home during the cold winter months.
4. Non-Intrusive Units
All the internal components of refrigerated AC units are usually installed in the roof. This means that you will not need to sacrifice some space on the wall to install the indoor air handler. Similarly, you will not need to set aside some space to install the outdoor unit. This makes refrigerated air conditioning systems perfect for Australian homes. You only need to hire a competent contractor to design and install the system.