Choosing to invest in a property is a great financial decision. Whether you are buying for a loved one or starting your own property portfolio, there are many reasons why someone would choose this route. However, just as when you buy a property to live in, there are some things you need to consider. Here are some of the things you should look out for when you invest in a property.
Obviously, the first thing you need to consider is the condition of the property itself. How much work are you willing to do to get it ready for a tenant? If you would rather put the property straight on the market, buying either a new-build or somewhere in immaculate condition might be your best bet.
If you are willing to undertake some renovations, you need to consider what the scope of these will be. Giving a dated property a minor facelift by modernising the kitchen and bathroom is going to be a much smaller and less expensive task than a full renovation.
Distance to Amenities and Transport Links
Location is everything with a property. You need to find out how far the property is from amenities like shops and cafes. Depending on the type of tenant you wish to attract, you might want to look at the transport links available too. A professional tenant will need access to bus or train routes to help them get to work. If the property is near a motorway, they also might want off-street or designated parking. If you are buying to rent to students, you may wish to invest in a property within walking distance of the university.
Simple factors like this can dictate how easily you find a tenant. A property in a great location will always be more valuable than one which is the same but slightly further away from everything.
If you are buying a property with the view to place a tenant there instead of merely selling the property on again, you need to consider what sort of landlord you want to be. While there are many benefits of being a hands-on landlord, it does require you to be available 24/7. If you would rather focus on improving your property portfolio, you should look into a property management company.
Chalmers Properties can handle all aspects of tenancy from advertising your property to minor maintenance if something goes wrong. Get in touch today to begin the process of getting your investment property ready for the rental market.