Choosing to invest in a property is a big decision. Once you’ve decided to enter the property investment game, you’re then left with the decision of which property to choose. What separates one three bedroom semi-detached from another and which one should you inject your savings into? We have some pointers…
- Potential – It’s easy to be swayed by well-decorated, modern properties. However, try to look past the aesthetics. A property that is dated or needs some structural work will probably be significantly cheaper and you’ll be likely to get much more for your money. Consider what the property could be with a little bit of work, rather than trying to find a property that is already perfect.
- Size – How many tenants are you looking to accommodate for? A professional couple will need significantly less space than five or six students and may prefer a flat to a house. If you’re looking to invest in an HMO property, again consider the potential of the property. While it may only have three bedrooms now, if there’s a dining room or attic, these could be converted into bedrooms to accommodate more tenants.
- Price – There are more costs to bear in mind than just the price of the investment property itself. The property will most likely need at least a lick of paint before tenants can move in and any improvements need to be factored into the budget. If you’re investing in a property for students, remember that you’ll need to provide basic furniture such as beds, sofas and wardrobes, and be prepared for any maintenance or repairs throughout the year or in-between tenants.
- Location – Properties within walking distance to a supermarket or convenience store will always be more popular – the more local amenities on hand, the better. Handy transport links are also a great feature for a rental property. Homes in town and city centres are hard to come by and very popular – this therefore means you can charge more rent. However, the property will also be more expensive for you.
- Style – Never underestimate curb appeal. Certain styles will be more appealing to potential tenants – for example, a Victorian house with high ceilings and original features may be attractive to families or couples, however, a group of students will probably be less concerned about period features, and prefer a more modern property that is easy to clean and maintain.
If you want to know more about property investment, Mistoria Group can help you source an individual or portfolio of property, earning you guaranteed high yields. Take a look at our new Merchant Deals or give us a call on 0800 500 3015.