Whether you’re looking for a new home or thinking of investing in a rental property, you want to make sure your property will hold its value or even better, return growth on your investment. Here are some recommendations on buying wisely, look out for these features to identify a property that’s worth the investment.
Location, location, location!
You’ve heard it a hundred times, but it remains one of the most valuable aspects when looking for your new home or rental property. Buying a property in an area that is currently improving, or has recently improved is extremely wise. The property is likely to be reasonably priced and offers a great opportunity for the value of your property to increase while the area continues to improve. We recommend investigating the local area, looking out for new developments, bars, restaurants and the quality of local schools and transport links. These features help to confirm that this location is on the up, so don’t miss your chance to get a slice of the action.
A great investment property is a house in a sought after area that needs improvement. You can often see a good return on investment by redecorating, but to make some real money, keep your eye out for a property that requires some serious TLC. Always check the quality of the foundations and the roof of your potential property, as these can be expensive to repair. Once you’re comfortable, installing a new kitchen, bathrooms and flooring can be a great way to convert your next property into an extremely desirable home.
Extension or conversion opportunity
Look out for potential extension and conversion opportunities. Does the property have a basement, loft or garage that could be converted into a bedroom for example? These types of renovations take time and money, but can pay dividends when you come to sell.
Does the property have original design and architectural features that have been well maintained? When looking for your next property, keep your eye out for period design features such as wooden floors, original fireplaces, wooden beams, well maintained brickwork etc. These features can really add value to your home and if you have them, be sure to look after them!
Manageable outdoor space
When looking for a property, we recommend keeping in mind the advantage of finding a home with an easy to maintain outdoor space. Whether you plan on living in the property, or renting it out, maintaining outdoor spaces and gardens takes time and money. To avoid having to fork out for expensive gardeners and landscapers, opt for a garden that requires minimal maintenance.
Make sure you keep these four tips in mind when looking for your next property and we wish you all the luck with your investment!