What makes a good rental buy in Ipswich? Considering buying to let? If you want your property t...
What makes a good rental buy in Ipswich?
Considering buying to let?
If you want your property to rent quickly and have minimal periods when it is not let it pays to do your homework to find out exactly what makes a good rental property. Ipswich is a specific market - so what works in Cambridge or Colchester may not work here - however we have our own positive areas and Belvoir Ipswich offers advice on how to make this a sucess.
What should you buy in Ipswich?
Different property is advantageous in different locations.
Compare prices and find out what is the most popular in various locations. As a landlord you should thoroughly research the location of the property that you buy - are there good schools nearby, desirable for families?
Tenants with families want to live near their childs school across the town, not just Northgate and Kesgrave!
Since many families often look to rent before buying, they can get their children settled into a school of their choice and get to know an area before making a huge financial commitment of purchasing.
What are the local amenities like?
Check the area for plans for new parks, shopping centres, cinemas and coffee houses. Don’t forget to investigate new or future public transport links and find out whether you are considering an area than might be very noisy at night. While checking about future plans the local council or private developers might have, consider the negative impacts they could have on your property - will the new shopping centre overlook your garden; will the parking become a nightmare and so on? It’s not just about renting now, it’s about selling in the future too on a longer term investment.
Listen to advice
Before you buy look at the vacancies in the windows of your local agents.
- Are there loads of properties that never seem to budge?
- Why is that?
- Is the street a no-go area for renters?
Ask the agents and try to read between the lines to find out what is going on with those specific properties. Before buying, ask an agent what tenants are looking for in a property. What is more important to them - size, location or condition? In an ideal world all three would be perfect but sometimes you have to look at the long term gain on an investment property and as long as the figures balance out, the purchase is worth doing.
Look at the demand currently at the moment. There is a huge demand for three bedroom properties in and around Ipswich. Property in Pinewood, Ipswich is extremely popular, but also the Crofts (Ashcroft Road, Elmcroft Road etc). East Ipswich has always proved popular (Woodbridge Road - If it has parking!, Felixstowe Road etc)
Then you have to look at your own circumstances - every person investing has their own induvidual circumstances. So asking yourself;
- Am I going to look at living in this house myself at any time?
- Will my children want to live in it in the future?
- Am I looking at the monthly income or the longer term capital gain?
All these things impact your decisions. Lee & Jenna at Belvoir Ipswich are available to chat through these questions and offer advice based on your circumstances.
Call 01473 212323 or email firstname.lastname@example.org