For many property hunters, an important consideration is where their potential home is located. When searching for a buy to let property, you need to have an idea of the key features of an area which will be appealing to prospective tenants. For example:
Number One Areas
There are always well known areas that are extremely desirable and as a result, very competitively priced. If you are unable to secure a property in your ideal location, the best alternative is to find a property which is just on the outskirts of this area. The prices may be a bit lower and the location can still boast of being a few miles from the desirable area.
Nearby Places and Connections
There are some universally appealing aspects of a location that you need to be aware of when searching for the ideal place. Nearby schools and universities are important to consider if you hope to attract families or students. Depending on how close your property is to the city centre, the transport links available will hold differing amounts of value. Obviously if you’re based in the main centre then all necessary connections are available. However for places in the outlying regions, the frequency of public transport is extremely important.
High Street Hotspots
The proximity of a high street with well attended shops is important. A high street has no value if the stores don’t attract customers and close early. A small grocery store or newsagents is a must have feature for any emergency purchases and convenience goods. Students will find takeaways appealing and small coffee shops generally hold mass appeal.
Noise and Crime
Before committing to a purchase it’s useful to be aware of what the immediate area is like during different times of the day. If you’re near a busy road or train line, the added noise could be a problem during rush hour. In addition to this, things may be perfectly peaceful during the day but when the sun sets, a whole other life may emerge full of rowdy locals and unsupervised gangs. Finding the best landlord insurance quote will be one great way to protect your property.
Future Plans
Property letting is a long term investment and while you may have plans on how to improve your building in the future; you should be aware of the local council. They too will have their own plans which could affect the value and popularity of your property. They can range from a new road, to a large retail park, education facilities, religious centres and public areas.
Price of a Good Location
Finally, it is useful to bear in mind that the greater a location is the more expensive it tends to be. It’s not normally possible to find a reasonably priced property in an excellent location, so you must be prepared to make some compromises.