In this article, we share some out-of-the-box ideas you may not have considered. Remember, your mortgage broker can assist with finance for all different types of property investments, including those with a twist.
Car parking spaces
In capital cities such as Sydney and Melbourne, car parking spaces in the inner-city are often in high demand. That, coupled with limited supply, makes for an attractive investment opportunity.
The potential benefits of investing in a car parking space are that you can reap an attractive rental income, without incurring costs traditionally associated with residential investment properties.
Prices for car parking spaces vary. However, generally speaking, they tend to range from $40,000 to $130,000 in inner-city locations (sources: www.findacarpark.com.au and https://www.commercialrealestate.com.au).
To give you an idea of the returns, a lock-up garage parking space in Lonsdale St, Melbourne, could bring in $922 a month. Likewise, a secure car space on Clarence Street, Sydney, could rent for $1018 a month (source: www.spacer.com.au).
Converted or quirky properties
If you’re looking for an investment opportunity that’s outside the norm, how about a converted property, or one you could transform? As an example, check out this former fire station in Petersham, Sydney. It was converted into a private residence and is now set to become a beautiful boutique hotel.
Another example is this former brewery turned boxing gym, school, military drill hall, Masonic lodge, girl guides hall, antiques shop, and café in Campbell Town, TAS. It could be yours for $800,000 and has potential for a creative developer. On the other end of the price range is this former Masonic lodge in Woomelang, VIC, available for a mere $49,000.
If you’ve fallen in love with the tiny house craze, you may like to look for a smaller property. This former Anglican church, for example, offers plenty of charm in Kempsey NSW.
Mixed-use properties are zoned for more than one purpose. Common examples include retail properties with apartments upstairs, converted warehouses with a residence, or freestanding houses with a shopfront.
As an investor, mixed-use properties can offer income streams from both residential and commercial tenants. They also help you diversify your investment portfolio, as you’re investing in two different markets simultaneously. If one market falters, you still have the other to fall back on.
Talk to your broker about your plans today
If you have an idea for an unusual property investment, it’s important to talk to your mortgage broker early on. They’ll look at the numbers and help you decide which type of finance is right for you. Remember, your broker can offer advice on all types of loans for property investment, so please get in touch.