What should you look for in a buy to let property?
With so many houses on the market it can be difficult to narrow down a house that you think will get you the best return on your money. In this blog we will offer some guidance on finding an excellent rental property.
When scouting around for a property it always helps if you know the city or town well. You will likely already have a grasp on which areas are popular and which are not. However, it is possible that areas which were once a fashionable place to live are now less so, perhaps in favour of an area of new build properties with excellent transport links or a bohemian part of town with an upswing of culture. With this in mind, you should keep your ear to the ground about any possible new developments, for example plans for a major road or a new school or shopping centre.
Once you have narrowed down an area that you would like to purchase a property in, you should start to think about what type of tenants are likely to be looking to rent in this area as this can have a big impact on the property you purchase. For example, if you are looking to attract a family then you might want to find a property that is nearby to a school, has two bathrooms, parking or garage and maybe also a garden. However, this might be less important if you are looking to attract young professionals or students. That said, you should still think carefully as with a little work you might be able to convert an unsuitable property into something which might be attractive to your target market, especially if the location is too good to turn down.
In general some of the key things that people will look for in a property are good sized bathrooms and kitchens, at least one bedroom of a good size, a garden, lots of natural light, parking and for the property to be situated in a safe area, all of which can vary dependent on the tenant.
Here at Hudson moody we have years of experience buying and selling property in York, to view our available properties click here or for more information about buying a house to place on the rental market, please read our Buy-To-Let Guide.