Thinking about buying an investment property?
Here are some things to consider when searching for your perfect buy to let
A buy to let property can make a great investment! If it's something you're considering for the first time then you might have concerns or questions regarding which TYPE of property to purchase.
Here are some points to consider when searching:
- Distance to public transport & parking - Depending on your search area, you'll want to try and make sure there are good public transport links close by. Most tenants that register at our Bethnal Green office want to be within a 10 minute walk of a tube/train station or major bus route. This is still a concern for applicants that register at our Woodford office, however we find that the need for adequate parking is more important, so it's worth considering if the property offers allocated parking, or requires residents to apply for parking permits. Some new build apartments do NOT allow residents to apply for parking permits, so this should be considered if you're looking to purchase a recently built apartment.
- Outdoor space - Outside space has become much more desirable after the outbreak of Covid. As lots of workers were required to work from home outside space became really important. Whether it be a private rear garden, balcony or communal garden, outside space could really set your buy to let investment apart from other competition.
- Kitchens & Bathrooms - It's often said that kitchens and bathroom sell houses and it's no different when it comes to letting a property out. Kitchens and bathrooms can be changed and modernised of course, so if you purchase a property that needs a little TLC then no problem, equally if you can buy a property with a 'ready-to-go' kitchen and bathroom then even better. What might be harder & more costly to do is make them bigger or alter their shape, so if you feel as though a kitchen or bathroom are too small, chances are a potential tenant will feel the same.
- Distance to local amenities & schools - Being close to supermarkets, shops and good schools are also things to consider. If you're looking to buy a house in the suburbs then being close to both primary and secondary schools is definitely something to consider. Whereas if you're looking at apartments or smaller homes closer to London then being close to shops, bars and restaurants will appeal to prospective tenants.
- Bedroom sizes & storage space - When it comes to bedroom sizes, bigger is always better! It's important to consider bedroom sizes, generally the main bedroom will always be considered a double but if your second and third bedrooms are too small then you may find suitable tenants harder to come by. A small second bedroom in a 2 bedroom property for example might limit your market to those looking for a home office for example, where as two good sized bedrooms open's you up to more of the market. Storage space is also something that tenants consider when viewing properties, flats and apartments are notoriously short on storage space, so if you see somewhere with storage space then it's a big plus!
Once you've purchased your buy-to-let (Congratulations!) there's other important things to think about including safety certificates, licensing and taxation > click the link below for more on the legislation relating to letting your property.
You can register to receive property alerts BEFORE they hit the main websites here > https://lloydsresidential.web.lifesycle.co.uk/properties/register
Check out our properties FOR SALE here > https://www.lloydsres.com/properties-for-sale