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How to Find the Right Property for Landlords

How to Find the Right Property for Landlords

Location is Important

Buying into the right locations is very important, even more if you're buying property as an investment. The first thing you should take into account is to not buy the property to suit yourself. This is one of the mistakes that inexperienced landlords make, they tend to furnish their properties in the way they like, which often becomes too expensive for tenants when clean and simple usually works best in this given situation.

The Ideal Property

The ideal property not only has the potential to have good rent, but also has a good yield for future improvements. For the price of the property to go up, the area and the type of accommodation needs to become more attractive to both home-owners and tenants. They are good sources of information and details in local council planning departments, local newspapers, libraries and estate agents. Staying up-to-date with demographic changes and housing supply by talking to local people about schools,  crime and the efficiency of the council in the area that the property is situated in can make a significant difference.

Identifying Strong Demand

Find an area with good potential, then develop a good relationship with estate agents, they can call you when a property suits yours needs. To let well try to imagine what the area will look like in the future and consider what tenants will be looking out for e.g. parking facilities will be relevant where tenants or their visitors have cars, if properties don't have parking, make sure it is safe and easy to park on the street, if tenants don't have cars, choose a property that is close to local transport, is the property close to shops, bars, restaurant,  If tenants have children, are they good local schools in the area etc. Building different types of properties for tenants will be beneficial in identifying strong demands in properties that are tailored to meet the tenant's requirements. 

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