Location, location, location
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.