Location, location, location! When choosing a property to invest in, location is key. Newspapers regularly post lists of ‘Top Ten Property Investment Hotspots”, never with the same list twice. So, what should you look for in a property location?
According to certain property experts, the trick is to be ahead of the game. In an article in the Telegraph, one journalist wrote, “If you hear a destination is the place to buy because prices are rising, you’ve missed the boat.” Rather than heading for the place where everybody seems to want to live, seek out the new must-have location. It’s all about supply and demand – as locations become more popular, investors flood in, and therefore more properties are available to potential tenants. This results in competition and a need for competitive pricing. However, get in there early, and those in the know will be willing to pay more to secure a residence.
But, is a fashionable location the be all and end all? We think otherwise. Plenty of other factors dictate the worth of a property, and guarantee a far more stable investment. For example, transport links. A property with handy tram, train or bus routes nearby will always be popular, as will a property with supermarkets, cafes or nearby parks. Local property investment can also be a good way to go. Without travel costs between your home and the property, it will cut down your expenses and also ensure you are able to stay on top of everything. Maintenance is a much simpler task if you are only around the corner, and a knowledge of the area and what sells will also come in handy.
Whether you choose to invest in what’s popular, or what you know, the one thing every investment requires is research. Location can make or break a property, and so it’s important to be aware of what your consumers want. What you look for in a student property should be very different to what you look for if you’re hoping to attract a professional couple, as both will want very different things from the place where they live.
To view our current available property investment opportunities, visit www.mistoriagroup.com/investments or to find out more, contact us on 0800 500 3015.