The phrase ‘location, location, location’ isn’t a modern term, believe it or not. In fact, the New York Times traced it back as far as 1926, showing that it was as valued back then as it is now.
The big question is – just why is location so important? And what sort of location should you invest in, if you want to make the best possible ROI?
Here’s some more information about why location matters, and how to identify the best place to search for buy-to-let property for sale.
Why is Location A Priority?
When tenants search for property, you can guarantee they’ll start their search in a particular place. Of course, the condition of the house or apartment will be important too, but their top priority will be finding a location that works with their lifestyle.
They’ll be looking for:
- Good transport links (particularly if they commute to work)
- Proximity to amenities
- Ease of access to the town or city centre
- Excellent schools nearby
- Nice pubs, restaurants and other leisure facilities in the area
- Attractive views
- A low crime rate
They’ll also be looking for a property in a good area; perhaps one with a trendy, urbanite reputation, or one that’s known to cater well for families. It’s your job, as a serious property investor, to know exactly which areas tenants will be searching in.
How to Identify the Best Areas
Savvy investors tend to work with property investment agents – experts in their field who will be able to provide them with inside information about which areas are most popular with tenants. Here’s a few other things you can do to find out more about the location you’re interested in.
- Enquire on online forums. People are often happy to share their personal experiences of certain areas – it’s worthwhile asking online, to get the ‘real’ picture about which areas are most desirable.
- Check out the rental rates. Browse the market and find out where other landlords are operating; then find out what the average rental rate is. Higher rental rates are obviously appealing, but you may find you’ll have to spend more to buy a house in the area.
- Walk the streets. Sometimes, the best way to get to know a town or city is to experience it for yourself. Identify a few streets that you’re interested in and explore them on foot, finding out what’s nearby, and how appealing the location is as a whole.
The Buy2Let Shop Limited
If you’re interested in buy-to-let property for sale, but aren’t sure where to start your search, talk to The Buy2Let Shop. We’re a team of specialist property investment agents in London, with expert knowledge of the capital and the UK property market as a whole. We’ve got a range of properties on our books that are competitively priced to sell, and aren’t available to the general public – ensuring you get the best possible deal.
Our team also offer assistance with buying a house at auction, and hold regular property investment seminars, designed to boost your knowledge of the market. To find out more, simply visit The Buy2Let Shop website today.