Planning and considering carefully when it comes to investing in property is important. In order to accomplish this, you must develop a detailed plan of how to accomplish your goals. When it comes to advice, it is important to embrace an open mind and work with the right team.
Choosing the right property involves many factors, all of which should be considered. It is important to know your market and their desires when choosing your investment property as they will look for aspects of your property that appeal to them.
Any investment strategy, regardless of its location, is extremely important. As people use the location to shape their decisions, a property’s location can attract a variety of markets.
This article explores the many reasons why the location of property impacts a buyer’s or tenant’s decision.
Buy to Let
Renters are the target market for buy-to-let property investments. Therefore, these markets are typically searching for a home that will last for a relatively long time, so the environment will be vital to them.
It’s possible that your buy-to-let property will appeal to a target market of families, including children. Tenants with children can be attracted to properties with schools nearby. Other tenants, such as students, may also value education. Colleges and universities near your properties may attract new markets for your portfolio, but these may be on shorter leases.
For investors in buy-to-let properties, shopping and leisure will also be important. Weekends are often the time when people look outside the house for entertainment. This means properties near shopping centres and sports centres may perform well. Keeping in mind that not everyone will find this to be an attractive property attribute, it is essential to know your market.
Tenants often choose their homes based on their convenience. Will the property’s location make life easier for them? Your property may appeal to people due to its proximity to their workplace or educational institution, reducing their commute time. A property’s proximity to great transportation links can also be an excellent USP.
The concept of serviced accommodation is often appealing to those seeking a nightly hotel-style stay for a short period of time. Accommodations like these can appeal to markets looking for temporary accommodation while travelling for business, on a staycation, or needing to be near relatives for a short time.
A serviced accommodation property’s location is crucial for each of these markets. The location is important for many of the same reasons as well as some slightly different ones. A guest will aim to book a serviced accommodation property that is close to their destination when booking.
If you are travelling for business, you may need accommodation close to your workplace or near public transportation. The main purpose of this accommodation is to facilitate the connection of business people to their workplaces/offices. Guests travelling on business will find it easy to get where they need to go with easy access to transportation.
Sometimes, depending on the length of a business trip, travelling for business can be boring. This means a serviced accommodation that is surrounded by leisure facilities such as shopping, activities, etc. can influence the decision of someone searching for such an accommodation. Consequently, investors should consider what type of leisure facilities their guests will have access to when choosing a property to suit their serviced accommodation strategy.
Your buyer is taking on a larger commitment when he or she purchases a flip property.
You may sell your flip property to a buyer who intends to live in it themselves. As a result, they are looking for factors that appeal to their needs and desires.
Those looking to flip properties may be interested in nearby education facilities. A flip property that will become a home holds importance to those who plan to make it their own. Having great access to schools/higher education can influence a buyer’s decision.
In the same way as those buying buy-to-let properties, those in the market for flip properties, whether they are buying for investment purposes or to live in, should carefully consider the accessibility of the property. Many people rely on transport links to stay connected. Having good transport connections also makes commuting to work easier.
Investing in property requires you to know your market and what they want. You can effectively communicate your property’s USPs by understanding your market.
Tenants and buyers may place a high value on strong transportation links around a property. This is because transport links allow your tenants to remain connected and often aid them in their commute to work.
It is important for many tenants to have access to close education. The catchment area for good schools is typically important to families with children. As a result, ensuring their child has the opportunity to receive a good education can ease their minds a little. Older tenants attending college or university can also be attracted by nearby educational institutions. You can attract these tenants by investing in nearby properties.
Every market will hold a desire to be near leisure facilities, regardless of your investment strategy. A property near a shopping centre or activity centre can be extremely appealing to people, especially after this year.