Choosing the perfect buy-to-let property is not an easy feat. Investors have a lot to consider: the number of bedrooms; where exactly the perfect location is; plus, financial matters such as yields and the property’s potential for capital appreciation.
But once these decisions are all finalised and the property is bought and built, the investor can finally sit back. With a professional property management company, or well established lettings agency in place, tenants will be well looked after and the returns will begin to roll in. So long as there are tenants.
One of the easiest ways to avoid low void periods is to make sure that the property will appeal to its target tenant. Is your studio or one bed apartment well located for the young professionals and students who are likely to want to live there? Does your multiple bedroom house lend itself to the families who will want to rent it?
However, apart from in a few clear cut cases, it may not always be obvious, especially if you’re not personally familiar with the area. So, to counter this, there are a few checks you can do to make sure the area is likely to attract the type of tenants who will want to rent your flat.
Researching the Local Area
Firstly, just researching the area can quite often give you a good idea of what’s going on there. The big newspapers all have property sections where they frequently feature different suburbs of note and up-and-coming areas. These would have the added benefit of possibly providing impressive capital gain too, as the area flourishes.
Even reading local newspapers can give you a good flavour of different places. Check out what is going on there. How affluent is the area? Is it a student neighbourhood, or filled with young families?
Another simple way of checking whether your development’s location will attract the right tenants is seeing what’s based in the area. If it’s a student development, how close is it to universities? If it’s a small apartment marketed towards young professionals, is it close to bars and cafés? If it’s a larger home, how close is it to parks and schools? Potential tenants will be asking these questions, so it’s easier for investors to do it earlier too.
Altogether, doing that extra research into a development to make sure it is attractive to the right sort of tenant could save investors in the long run. Void periods can be all but avoided if the development is perfectly located for the target market.
X1 Aire is the perfect example of investing into a development which appeals to its target market. With studios, 1, 2 and 3 luxurious apartments available, it is perfect for professionals looking to work in the city, being only a ten minute walk from the main shopping street, without the noise of the absolute centre.