There are many desirable features that renters look for in a London property. Convenient transport links and local amenities are important, but another factor that buy-to-let investors may want to consider is purchasing properties that offer tenants their own parking space. A large proportion of renters in the capital often complain that the one thing missing when they find their ideal accommodation is the ability to park their vehicle outside or close to their homes. The fact is that buy-to-let properties with one or more parking spaces can command higher rents and offer landlords the chance to make more money.
There are many professionals working in central London that have company cars for the purpose of meeting with clients. Parking spaces are a must for these tenants, as they are unable to rent properties without them. Parking is naturally a big issue in a busy city, and the demand for rental accommodation with adequate parking facilities is high. Landlords that consider parking as a factor when they buy new properties can find themselves enjoying lucrative benefits.
Many investors that purchase properties in large new build schemes do not buy a parking space for their tenants. This can be false economy as in most cases the tenant will not be able to acquire a parking permit from the council, which can be enough to lead them to reject a property. The inclusion of a parking space can make a property appealing and help investors enjoy higher rental yields. Furthermore, an attached parking space will also increase the value of a property when the time comes to sell.
Almost half of renters in the inner city have said that on or off street parking plays an important role in their decisions when looking for a rental home. Parking is also essential for the suburban areas outside of the city. Families want to be able to park close to their properties to be sure their vehicles remain secure.
As leading letting agents providing services to buy-to-let landlords and developers in Barnet and across the rest of London, we can help you locate the best investment opportunities. Our investor services are structured to help you secure the right properties for your needs. Give us a call today if you are in need of guidance and advice when purchasing a buy to let property in any area of London.