26 Jun

Location, location, location vital for landlords

Location, location, location vital for landlords

Choosing the right property is vital for landlords and there are a few steps they can take to ensure their investment will generate the right revenue and attract tenants.

The needs of tenants can vary dramatically, with some looking for affordable rents for a short period and others seeking an attractive property that will provide a long-term home

It is crucial for buy-to-let landlords to consider what their budget, target tenants and plans for the future are when selecting a property to rent out.

Who does the property need to appeal to?

A property will need to appeal to a demographic if it is to successfully attract tenants. Certain groups will be drawn to homes in particular areas - for instance, students will look for properties near university campuses, while somewhere within working distance of a hospital is likely to appeal to a mix of doctors, nurses and other medical workers.

Couples and professionals will want somewhere close to good transport links so they can travel to work easily, while those with families will be researching catchment areas of schools, as well as access to green spaces and parks.

All of these groups present different advantages and disadvantages for landlords.

For example, students tend to head home for summer so properties will sit empty - this could lead to potential building issues or they could be targeted by burglars. So if landlords do want to rent to students they may want to pick a location in a low crime area and take steps to ensure tenants are aware of their obligations to ensure a property is well looked after throughout the whole tenancy.

Type of property is also important; professionals will be more likely to be attracted to modern low-maintenance apartments, while families will prefer houses with gardens.  

To help with finding the ideal rental property it is crucial to do some research. Taking a walk around areas and using the internet will help identify the target audience of properties. Another option is to talk directly to a letting agency to get their advice on potential buy-to-let investment options in the region.

Local people, the internet and walking around the area can all help in your research, but if you're still unsure where to start, contact a letting agent - they are usually more than happy to help with any queries regarding location.

It is also important to remember that things can change, so wannabe landlords should research any planned developments nearby as they could impact on rental yields and demand from tenants.

Consider the budget

It is also important to think about your ongoing budget when choosing a location. A larger property may need significant upkeep and money must be available to fix emergency problems such as a non-working boiler or a leaking roof.

If a property is close to a landlord's own residence it could mean problems can be tackled quickly, otherwise it may be sensible for landlords to look at homer emergency assistance companies that can manage issues for a fee. A similar service is also often offered by letting agents in return for additional management charges.ADNFCR-1222-ID-801732045-ADNFCR

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