So, you are thinking of investing in a residential property with the intention of renting, but have no idea where to begin?
As a residential and commercial property consultant in London, we know a thing or two about finding the perfect property for our clients. Join us as we take a look at some of the ways to identify a property that could be a good rental investment.
Location, Location, Location!
Finding the right location for your rental property will determine the demand for it, especially with residential properties.
For a residential let, you will want to choose a property that is in a good spot for transportation links, grocery stores and, if required, schools. Location is extremely important, as it is one of the first things that people look at when searching for a property to rent.
Make sure that the property reflects the ideal location inside too. It’s easy to get caught up investing in a well placed property which is placed in a good location but isn’t adequate on the inside; whether this is the size of the rooms or provide limited storage space.
Remember, the location of your property is one of the few things that you can’t change, so make sure you are making location one of your main priorities.
Ready to Rent
Looking for a property can dig up some pretty unattractive investment options. Rather than wasting precious time and money on making an inhabitable property habitable, why not search for a property which needs little or no work doing to it?
When you are a first time investor, it is especially important to fill your tenancy vacancies as soon as possible so that you can start to regain some of the cost that you have invested in the property.
Put Yourself in a Tenant’s Shoes
The best way to judge a property is to put yourself in a potential tenant’s shoes. Think about the location of the property, how far it is away from local amenities, how attractive the property looks inside and out and if the area is a great place to live.
Generally, if you would like to live in the property yourself, that’s a good indicator that it is a good candidate for rental investment.
We hope that we’ve given you some inspiration in what to look for in the perfect rental property. Investing in a property to rent out is an exciting and rewarding experience, and it’s important to take into account how your property looks and feels to potential tenants.
If you would like to know more about how Prideview Properties can help you with acquiring property for both residential and commercial rental, don’t hesitate to get in contact with us on 0208 863 8680 today and we will be more than happy to help.