Finding great locations for renting is a challenge, but how about this for a few tips.
It’s no secret that the key to a successful property investment is all about location, but what exactly should prospective landlords be looking for? When considering a property, it’s important to look at it through the eyes of a prospective tenant, taking note of all the advantages and disadvantages of the location.
It’s a good idea to visit a potential investment at different times of the day to get a feel for the local area – it may be quiet during the day but very rowdy at night. If the area has a reputation for criminal activity, it’s more important than ever to protect yourself and think about whether you will need to invest in additional security like burglar alarms or door grilles.
You should also consider what kind of tenant you will market it to – if the property is near a university, takeaways and a pub, for instance, it will be more attractive to students than to professionals, who might find such a location too noisy. Most tenants will appreciate being close to transport links like buses and train stations, and nearby shops and health centres are always a bonus. Older tenants, who may have children, will consider nearby schools a great asset.
Finally, you should find out what the local authority’s plans for the area are – will it be regenerated in the near future, adding new shops or community centres? This helps you to make long-term plans about how popular the area is likely to be and adjust your investment in the property accordingly.