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Where And What To ‘buy To Let’
Date Added 08/09/2006
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Location is just as important as the property and price paid for it when considering purchasing a property to let. Many Landlords forget that they are making a purchase for investment and not a home to live in.
When considering the location to buy an investment property a prospective Landlord should first speak to their local lettings agency who will be able to advise them on the main type of people looking to rent in the area and the type of property and location in demand. Our Sidcup office for example attracts a large number of tenants looking to benefits from the range of local services and facilities the local areas offer including schools, shops, rail links and easy access to motorways.
A large proportion of tenants looking to rent are young professional couples choosing to rent first before purchasing, either because they have not got the large deposit required to buy, have just relocated or just started professional working careers. Larger properties tend to rent to families who have relocated due to a job relocation and want to get to know the local areas before committing to a purchase.
It is a good idea to always look at each property before buying as if you were a tenant considering the property to rent, Most tenants for example will now give greater consideration to safety aspects of property when choosing a property to rent. A Landlord should avoid purchasing property in run down areas, places situated next to loud facilities such as pubs, night clubs etc just because the purchase price is less. Other key benefits which a tenant will also consider when choosing a property to rent include parking, type of heating and how modern both bathroom and kitchen facilities are.
The type and age of a property tend to be unimportant as long as the property is in good condition and the layout is not unusual or too small. A tenant will normally consider the same factors when choosing a property to rent as would a person looking for a property to buy. It would therefore be advisable to look for property with fairly modern bathrooms and kitchens, decorated to a good standard and modern heating facilities.
Most tenants who contact our company are looking for good quality one or two bedroomed flats in well maintained blocks. Larger flats from our experience often produce a lower rate of return and are often more difficult to let. A prospective landlord should also give consideration to the exterior appearance of the block and quality and upkeep of communal areas. Research should also be made into the cost of maintenance charged by the freeholder or managing agent and details of any soon large maintenance projects to the block.
Small modern properties on modern developments are also an ideal investment but might have to mature before greater returns are achieved. Other properties such as larger homes will let but often do not provide the level, of return most investors are looking for.
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