Location, location, location; we have heard the expression before and for good reason. It is a crucial factor for anyone searching the property market for their dream home. Investing in a buy to let property is no different, location is key. As a landlord, it is important to determine what your chosen investment area has to offer potential tenants.
To achieve landlord success, it is a good idea to start with a clear understanding of who your potential tenants are. Who do you want to let your property to?
Are you looking to rent out to young professionals? If so, looking at homes close to good transport links is essential. An apartment close to bars, possibly clubs ready for weekend fun could also be a draw and put you ahead of rental competition.
Or perhaps you are hoping to attract students to your investment property. This group can bring higher than average rental yields. Students will want accommodation near to the campus and amenities such as shops and bars.
Not interested in drawing the young crowd to your property? How about families? If so, researching local schools in the area would be one of the first important aspects to cover when searching for the best property. Having shops close by, and maybe a park for the kids to burn energy, may also be appealing to mums and dads in search of their new home.
Once you have figured out your target renting market, it makes deciding on a location easier and more precise. Do your research, take the time, and location scout. Remember to keep your personal taste and requirements to one side. It is important for you to enjoy and have confidence in your investment property, but you need to meet the needs of potential tenants to profit from your investment home.
You could invest in an amazing buy-to-let property with everything to offer, but if the location is undesirable to your ideal tenant demographic, you could be throwing money down the drain by losing out on perfect potential tenants. The location of a property reflects in its value. Homes in desirable locations are in high demand. With high demand comes higher rental yields, as people are willing to pay extra to fulfil their needs.
As a landlord, don’t just think about the present, look to the future. What will your chosen investment location have to offer in the years to come? Is the area up and coming? Are there plans for regeneration? Investing in the right rental property, in a great location, will entice your ideal tenants and bring strong rental returns. It will also be a rewarding venture in the future should you decide to sell. Be wise when it comes to property, do your research and make owning a buy-to-let an excellent business venture for you.
At Fresh Invest, we source the very best property investment opportunities available. Please contact us for details.
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