What to Ask Before Buying a Serviced Apartment
Like any investment, purchasing a serviced apartment is a big decision. This list of common questions will help you evaluate whether a serviced apartment is right for you.
How does the lease relationship work?
When you buy a serviced apartment, you lease it on a long-term basis to a third party operator, who then lets the room for short stays, like a hotel room. Your tenant therefore is the accommodation company, rather than the individual guests who will stay in your room. This means that you will earn your rent, regardless of whether your apartment is occupied or not.
How long are leases usually for?
Leases for serviced apartments are usually for the long-term, starting at five, seven or 10 year terms, with options to extend in additional five-year lots. The specific terms will vary from one serviced apartment company to the next, and also between different properties, but the benefits here for investors is that they can rely on that lease to be fulfilled for that period, without worrying about loss of income due to vacancy.
What happens at the end of the lease?
Normally, the tenant will have a few options left to extend the lease terms. Once all options are exhausted and no further tenure has been granted, the property will be let on a month-to-month lease until either party gives notice. At the termination of the lease, the apartment will be vacated and the keys handed back to you as the owner. From there, you can do whatever you wish with the apartment (subject to council zoning and approvals).
What happens if I want to sell?
You don’t have to wait until the end of the lease to sell your serviced apartment. If your circumstances change and you choose to sell your apartment, you can sell at any time with the lease transferring to the new owner.
What are my outgoings?
This will vary from property to property, and will also differ between serviced apartment leases. With Quest, for example, owners generally pay for council rates, water rates and the owners’ corporation sinking fund, with the tenant paying the owners’ corporation admin fund. Serviced apartments also need capital works from time to time, in order to maintain the property to the required standard. These costs are usually borne by the owner of the apartment, so make sure you carefully review the lease terms surrounding capital refurbishment works.
How do I know which serviced apartment property company to choose?
As with any investment, do your research.
BENEFITS OF SERVICE APTS
The serviced apartment industry is continuously booming with more and more business people opting for this choice of long-term and short-term accommodation during corporate duties. Unlike the convention accommodation hotels, serviced apartments give you the home away from home vibe, and this makes the environment convenient and motivating when handling business tasks or when relaxing. The services are also super beneficial for small businesses looking for corporate spaces such as studios at a much affordable cost. They are life-savers for startups that are yet to afford to buy a space investing in furniture and everything else required for running a business.
More and more business owners now realize the benefits that come with corporate spaces, and this has led to a constant rise in demand for the services. With the increased demand, there has been a rise in service providers in Zurich claiming to offer the best business accommodation services. This can be a bit confusing as you try to determine which of the option is right for you. It would be best if you had reliable apartments such as apartments in Zurich by VISIONAPARTMENTS as you are assured that you will get the value of your money and a suitable place you can call home for as long as you wish to extend your stay. Take your time and look for a reliable space that will meet both your needs and budget to enjoy all the benefits that come with the services. If you are considering serviced apartments, but you are not sure if this is the right idea, here are some reasons and benefits why you should go for it.
Enjoy more space and comfort
One of the reasons why business owners prefer corporate spaces over conventional hotels is because the serviced apartments are about 30 percent bigger than the hotels. This means that you will have enough space to carry out your errands, sleep, and even dine while enjoying maximum comfort. With this, it is much easier for you to entertain clients without intruding on your personal living space. If you are looking to enjoy space, comfort, and more functionality, you should consider serviced apartments.
Other than comfort and functionality, these spaces have been designed to provide you with total satisfaction as you go about your day. They have everything you need so that you will feel more at home, and doing business gets easier. Serviced apartments are equipped with laundry facilities and office spaces where you can do everything you need without the need to go out. They are more like an all-in-one stop. This eliminates the need for extra services that could cost you more or even harm your business finances.
In this case, you will love the fact that serviced apartments allow you to do whatever you want at your schedule. The apartments are equipped with all sorts of facilities meaning that you can cook whenever you want, sleep when you feel like, and work when the time is right for you. There is also enough space to entertain your guests without feeling like you are disturbing the rest of the tenants.
Corporate apartments are found in great locations for convenience and easy maneuverability. You can select one that meets your needs and preference depending on the kind of environment that you are looking for. For example, you can choose one in the city or busy areas based on your type of business or go to a quiet space if you are looking to enjoy some peace and calmness. All you have to do is determine your preferences, and you will find something that matches precisely that. Serviced apartments come in handy when you are on a business trip and looking for an ideal space to relax and work, and you can also rent one purely for work until you feel you are in a position to rent or buy an office. Whichever the reason, select one that is located at an ideal place to make running your business easier.
Serviced apartments provide you with maximum privacy compared to traditional accommodation. The goal is to make you feel at home and as comfortable as possible. They also offer discrete cleaning services meaning that you will always have the space clean, but you still get to retain your privacy and enjoy minimum interruptions. This is a plus since you can entirely focus on working or even hold a meeting without having to deal with disturbances from service providers.
Value for money
One of the reasons why business owners chose serviced apartments is to help them save money. They are a great deal if you are looking for a conducive working environment and also a place to relax and plan for your business. They are also a solution for small business owners that feel like they cannot rent or buy an office. They can rent a studio at a much lower price and have as much work done as possible. The best part about serviced apartments is that you get to pay a flat fee for all the services you will enjoy while there. This includes parking space, entertainment, and internet services. This is unlike conventional hotels that charge hidden costs for any extra service that you use while there. The fact that the apartments are equipped with essential facilities is a plus as you do not have to spend more than you can afford. You can cook and do laundry in your room, which will significantly help you save.
Additional services and facilities
It should not be all about work without play. You need to work out and have fun to increase your productivity. That is what serviced apartments are all about. If gyms, restaurants, bars, or pools are a part of your needs, then serviced apartments are an excellent choice for you. You can always go out and have fun while still within the facility and then get back to work after re-energizing.
From these benefits, it is evident that serviced apartments are the best choice for business owners to look for suitable working spaces and also have some fun. They are convenient and cost-friendly, not to forget that they offer maximum flexibility. Take your time and look for one that meets your needs and preference and get to enjoy these and more.