Whatever your reasons for buying a property, whether it’s to let it out orto live in yourself, you need to buy somewhere that’ll increase in value over time, or at least hold its value. Here’s how you can tell if somewhere is a great investment property.
If it’s in an up-and-coming area
If the property is in an area that’s being improved or has recently come on in leaps and bounds, then it could be a goer. It’ll still have a reasonable price tag, so if you buy now, you’ll benefit from further rises. Look for new bars and restaurants, new transport links, good or outstanding schools and so on. If you can’t find an up-and-coming area, look for a doer-upper in an area that’s already very desirable.
If it has at least three bedrooms
Buy a place with as many bedrooms as you can afford, preferably at least three. If you’re planning to let it out, this means more tenants and if you’re looking for your new family home, you’ll have space to grow. It also means you won’t spend more money five years down the line when you have another baby and need to move.
If you can’t run to that third or fourth bedroom, look out for a property with a decent-sized loft, a basement or even a big garden so you can extend up, down or out in a few years.
If it has a low-maintenance garden
Whether it’s tenants or you living in there, an easy garden is always a bonus. It’s nice to have a landscaped space, but who’s going to look after it? If you find you have to bring in professional gardeners every time tenants leave, then this wastes time and money.
If it has sturdy foundations and a good roof
Your roof and your foundations are the hardest and most expensive repair jobs you’ll face. Check out the roof and ask about the condition of the foundations before you even think about putting in an offer. If your top and bottom will last for a good few years, you’ll get the most out of your investment.
If it still has some original features
If there’s the original fireplaces, or some old beams, still in the place, then these can bump up the value, especially if you can restore them to their former glory.« Back to Latest News