Good BTL? GREAT BTL!!! If you are looking at investing in Ipswich - research, research, research...
Good BTL? GREAT BTL!!!
If you are looking at investing in Ipswich - research, research, research...
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.
What should you buy?
Different property is advantageous in different locations through Ipswich.
Compare prices and find out what is the most popular in various locations (or ask your very local Belvoir Ipswich to go through this with you). As a landlord you should thoroughly research the location of the property that you buy - are there good schools nearby, desirable for families? 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.
Parking might be easy at 10am on a weekday when you view the property but what about other times of the day? Lee and Jenna suggest driveby scouts of locations to buy at 1) School finishing time and 2) 6pm at night.
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. Buy a property that has minimal or low maintenance. If you want as least hassle as possible, buying new or modernish property would be the way forward, unless you were to purchase a property that requires full modernisation to update it to a standard to rent, it then looks after itself.
To get our top 3 locations to buy, please contact me on 01473 212323 or email me email@example.com