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There are key things to consider that will help on your search to finding a good buy to let property in the Midlands.
1. LOCATION – Would you like to live in the area? If the answer is yes, then so will tenants. Consider locations where there are big centres of employment, such as hospitals and universities.
2. NEIGHBOURING PROPERTIES – Do the neighbouring properties give a great first impression? The better the neighbourhood the happier the tenants will be, making them want to live there longer. If not, it may be worth looking elsewhere. Living next door to a neighbour from hell will undoubtedly lead to a higher turnover of tenants.
3. TRANSPORT LINKS – Are there good transport links? A buy to let property close to major road networks will broaden its appeal.
4. PARKING – Is there parking? High on list of people looking for a rental property in the Midlands is parking.
5. SCHOOLS – Does the property fall within a catchment area of schools rated good or above? Good schools will attracts families who usually make great long-term tenants.
6. MODERN COMFORTS – Is there a modern kitchen and bathroom with a shower?
Put yourself in a tenant’s shoes
Whilst considering a buy to let, put yourself in a tenant’s shoes, check the property has everything they would need or want.
For example, a house with three or more bedrooms will appeal to families, therefore you should focus your search on properties close to local schools. If you are considering buying an apartment or two bedroom house as a buy to let, your target tenants are likely to be working professionals. In this case, we would suggest that you look for a property with double bedrooms, and one which is in an area with excellent amenities and easy-to-reach transport links.
Of course there are other factors for you to consider when buying a property to rent out, such as return on investment/yields, buy-to-let mortgage rates, landlord responsibilities and current legislation.
Would you like further advice on buy to let investments? Then we are here to help! FIND OUT MORE
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