Lo­ca­tion, lo­ca­tion, lo­ca­tion

Belfast Telegraph - Propertynews - - News -

ANY­ONE hop­ing to dip their toe in the buy-to-let mar­ket should con­sider the prop­erty mantra “lo­ca­tion, lo­ca­tion, lo­ca­tion” ac­cord­ing to lead­ing spe­cial­ists Belvoir.

With an ever grow­ing need for pri­vate rented prop­erty, with ten­ant de­mand of­ten out­strip­ping sup­ply, in­vestors are also be­ing drawn in in­creas­ing num­bers to buy­ing prop­erty for rental.

How­ever when buy­ing with a plan to let out, Belvoir warns it is the area and not the price which should be top of your list as this is what ten­ants will want too.

Michael Mcgrath, who owns the Belvoir of­fice on Bow Street in Lis­burn has some ex­pert ad­vice for any­one search­ing for a prop­erty to rent out. He says: “When look­ing for the ideal place to in­vest in or to rent, it is worth re­mem­ber­ing the adage ‘you can change the house, but you can­not change its lo­ca­tion’.

“To find a prop­erty that will ap­peal to a ten­ant and pro­vide a good level of rental in­come and/ or cap­i­tal growth it is ex­tremely im­por­tant to firstly de­fine that ap­peal. There are many con­sid­er­a­tions to take into ac­count and a good place to start is to look for towns, ar­eas or streets that are cur­rently in de­mand, and are likely to be in­creas­ingly pop­u­lar in the fu­ture.

“Lo­ca­tion is al­ways a key driver, with prox­im­ity to work, schools, com­muter routes, shops and pub­lic ser­vices amongst the many fac­tors to be taken into ac­count when choos­ing to mar­ket a prop­erty as a buy to let.”

Michael ad­vises con­sult­ing an agent for ad­vice as they can iden­tify lo­cal trends and spot­light prop­er­ties that are the most pop­u­lar for the type of ten­ant look­ing to rent and the best ar­eas in which to find them.

Agents will know where prop­erty ‘hotspots’ are and which parts of a city or town are driv­ing the mar­ket. For a lo­ca­tion far away, you need a lo­cal agent to keep an eye on things.

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