There are several factors which need to be considered when buying property. We will discuss just a few of the more commonly overlooked ones here today.
Direction of back garden
Firstly, especially important for owner occupiers is the direction of the back garden. Properties with south facing gardens tend to fetch more than properties with gardens facing other directions. This is true even in today’s market. You should also bear this in mind when buying direct from motivated sellers and factor this into the price you are prepared to pay for your property, as the resale value of the property may be higher than similar houses on the opposite side of the road.
Always consider a property with a garden if you are letting to a family. Conversely, single professional working tenants don’t always require a garden, and if they do, it would have to be a low maintenance one.
Parking
Another often overlooked factor is that of off street and/or allocated parking. If you are buying the property to rent out to couples with young children, this could be the deciding factor for them. Parking may not be so important for young professionals in large cities where public transport is good.
Even better, a property with a garage is always more sought after than one without, again especially true in large cities where parking can be expensive.
Room size
Today, tenants almost always prefer double rooms especially if it is being let as a HMO. if your property is let as a HMO and does have double rooms, don’t make the mistake of furnishing double bedrooms with single beds as this is almost as bad as having a single room and could greatly affect your chances of letting your property. Another must for HMO properties is to ensure that all rooms are of roughly an equal size. This is important if you are renting to a group of students for example, as i have often had some of my properties rejected on the basis that all bedrooms weren’t the same size!
Prior to buying any property, you need to ask yourself, why am I buying this house? Map out a plan of your requirements. Consider the amount of space you will need in the property. If it is your intention to let the property, consider the number of bedrooms to bathrooms ratio. This ratio has to meet current guidelines for the style and size of the property in any one location.
If buying through an estate agent, always explain to your estate agent your exact requirements so that you are not wasting time by visiting properties that you have no intention of buying.
If you are new to investing, try not to visit more than 10 properties a day as you can easily forget what you have seen. Take a digital camera with you on viewings to act as an aid memoir when you get back home to analyse the deals further. Always take copious notes of unusual features and make a note of colours and design elements. Immediately after leaving the location rate the property according to criteria you set for yourself on a scale of 1 to 10.
Surrounding areas
A large majority of people are completely put off by vandalism and graffiti. There is an old saying that you cannot put a diamond on a piece of brass and expect it to look like gold. No matter how nice your property, if the surrounding area is a turn off, your tenants will also not want to live there.
Finally, many people never want to buy property on a main road. Consider the disadvantages of additional noise and pulling in and out of a main road in rush hour traffic before you make your purchase decision. However, having said this, you can often pickup larger properties with bigger gardens on main roads for less than you would on say a cul de sac. So, always weigh up the pros and cons before making your final decision.
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