"If you are looking for an investment opportunity, either to start a property portfolio or add to an existing one, always ask your local agent's advice," says co-owner of Belvoir Liverpool Central and Belvoir Liverpool West Derby Adam Rastall.
- Location lowdown
“One of the key things to think about when investigating investment opportunities is location,” says co-owner of Belvoir Liverpool Central and Belvoir Liverpool West Derby Adam Rastall. “If the area is desirable then it makes it a lot easier to let properties, plus re-sell them when the time is right for you to exit the investment. It is advisable to look at opportunities that are within walking distance to amenities such as shops and restaurants with good local schools nearby and easy access to rail and road network links.”
- Market matters
“Always assess the local rental market before you commit to a property,” advises Adam. “Is there sufficient tenant demand for the type of property you are looking at? Or is the market already over-saturated with similar properties that are struggling to let? “Nowadays, information is readily available online where you can discover how much properties in certain postcodes have historically been sold and let for. I would recommend confirming your findings with a local agent who will be aware of what’s going on in the local market.”
- Parking premium
“Is there parking at the property or available nearby?” asks Adam. “Most tenants will have at least one car and will want to know that there is a parking solution in place. This is particularly pertinent in city centre properties. “In fact, the ability to park can often add pounds to your rental price and makes a property easier to rent or sell in the future.”
- Great outdoors
“Offering outdoor space, whether that can be a garden, courtyard or even a balcony, can make a property more attractive to tenants and make a real difference in terms of rental return,” says Adam. “If possible this should be south-facing in order to maximise sunlight and help minimise utility bills.
“Take into account your target market and consider opportunities that provide the appropriate outside space for them. For example, if you are appealing to families with young children a garden is usually advisable..“Think about maintenance moving forward too. Low maintenance outdoor spaces are usually the most desirable (for you and the tenant!).”
- Ready to rent!
“If the property is ‘move-in ready’ then you’ll potentially be purchasing an instant income stream,” says Adam. “If extensive renovation is needed there will obviously be a cost involved plus a delay in receiving a return on your investment. “Also consider properties which are currently being let and have a tenant already in situ,” he continues. “At Belvoir Liverpool Central and Belvoir Liverpool West Derby we’ve sold a lot of properties recently that are already occupied by tenants.
“The benefit here is that you will know exactly what you are going to achieve in terms of rental return, plus as soon as the property purchase is complete you will receive rent. You will also know the history of the tenant, including how long they have been at the property, which will often enable you to find a good tenant with long-term potential.”
- Concierge consideration
“If you are thinking of investing in a city centre apartment consider the efficiency of the Concierge service,” says Adam. “In fact, the ability of the Concierge can often make or break a development. A good Concierge can really help rent or sell a property and they will usually be happy to chat to prospective tenants or buyers about the development and what it has to offer. “They will also oversee the building and if anything is needed they will help out, plus try to resolve any issues that arise.”
- Ask an agent
“If you are looking for an investment opportunity, either to start a property portfolio or add to an existing one, always ask your local agent’s advice,” concludes Adam. “An agent will be aware of what is happening in the local market including any planned new developments, plus they will be able to advise on expected rental returns for specific properties and likely tenant demand. “We are here to direct and guide you so that when opportunity does knock... you don’t miss it!”
At Belvoir, we offer all aspects of advice when it comes to Investing in Property. Contact us on 0151 231 1613 or email us on email@example.com