Property investment can prove to be a good opportunity for people looking for a way to invest their money in a valuable, physical asset. It is an option favoured by many and can potentially offer fantastic rewards, especially if you find the right property in the correct area.
Deciding on what kind of property to buy, what area to invest in, and the type of tenant you want to appeal to are the three most important decisions you need to make when it comes to investment properties. Get all three right and you could enjoy a return greater than you could with any other method of investing. You need to be careful though and make sure you have a suitable plan in place. It is also a very good idea to have the right support in place.
At Finefair we have a huge amount of experience when it comes to property investment and understand what it takes to be successful. We can offer people all kinds of tips and advice to help them with planning, buying a property, protecting their interests, finding tenants and managing the property going forward.
The top ten things you need to look at when it comes to choosing an area to buy a property in are;
1) The attitude towards the neighbourhood – all areas have a reputation and it is important to consider this when you buy a property. It will have an impact on the type of tenants you can expect amongst other things
2) Council tax band – this is very important because it will be an ongoing fee you or your tenants will need to pay.
3) Schools – close proximity to good schools can add a lot of value to a property and shape your choice of tenants.
4) Crime – this is an important factor because tenants will be thinking about how safe the area is. You should be doing the same before you make your purchase.
5) The job market – properties in areas with good employment opportunities nearby tend to command more value.
6) Amenities – parks, shops, gyms and other leisure attractions can all add value to a property and attract tenants.
7) Possibility of future development – regeneration projects and improvements in an area can add a lot to property prices.
8) The number of properties available and demand – it is better to choose an area where demand is high and supply is low.
9) Rental income – you need to check how much properties in a specific area can make in rental income before deciding to buy. This will ensure the purchase is viable and will provide a return rather than a loss.
10) The risk of exposure to natural disasters – if an area has a higher potential of issues such as flooding you need to take care when purchasing properties. The increased risk could impact your insurance coverage and expenses a great deal.
If you are exploring property investment in Hillingdon or any other London Borough you can call on us for help and advice. We are supportive and strive to help each client create the right plan and find suitable properties.