Are you thinking about investing in a new buy-to-let property this year? Well, you might be wondering which types of properties or areas are hot right now, with rising prices and great rental returns. While everyone dreams of high capital growth and rental profits, the truth is that most landlords achieve either one or the other, or a balance of both.
Sure, there might be a few areas where there’s high demand and low supply for a certain type of rental property, but the key to successful property investment is taking a long-term view. The property market naturally rises and falls over time, so instead of hunting for the “best possible” deal, it’s better to focus on finding a “good” deal that can give you consistently decent returns over the long term.
And that’s where we come in! Whether you’re a first-time buyer or an experienced landlord looking to expand your portfolio, we’ve got some great tips to help you find a solid investment this year. So let’s get started!
Investing in Property in Flintshire: Why You Should Consider Buying Close to Home
When it comes to buy-to-let investments, proximity to your home is a key factor to consider. Here are some reasons why you should invest close to where you live:
Benefits of investing close to home:
- Greater awareness of property prices, local economy, and transport links which is valuable in assessing a buy-to-let investment, especially when building a portfolio.
- Easier to view properties at short notice and quicker response from estate agents who know you are local.
- Easier to build relationships with local professionals such as estate and letting agents, surveyors, and contractors.
- Quicker response time if there are any issues that need attending to.
- Able to meet with agents in person periodically and check on the property from time to time, even if it’s being managed by an agent.
Tips for finding a good buy-to-let investment close to home:
- Research areas within half an hour of your home with a thriving lettings market.
- Consider the type and location of the property and how it will affect returns.
- Use online property portals to search for properties and gather data on the local market.
- Attend local property auctions, network with other property investors, and speak to local estate agents.
- Always conduct thorough due diligence before making a purchase.]
Remember, proximity to your home in Flintshire can bring many advantages when investing in Flintshire property. By investing close to home, you can benefit from local Flintshire knowledge, build strong relationships with professionals, and respond quickly to any issues that may arise.
Advice from Flintshire Letting Experts: What to Know Before Investing in Buy-to-Let
As a potential buy-to-let investor, you want to make sure that you’re buying a property in Flintshire that tenants would want to live in. To do this, you need to consider the location and the type of property that has a high demand among tenants within the Flintshire area.
Instead of randomly searching for properties to buy, consider talking to a few local letting agents in Flintshire first. Afterall, these Flintshire estate and letting agents deal with tenant enquiries every day and have extensive knowledge of the local property market. Here are some benefits of seeking advice from local letting experts:
- Agents can provide you with valuable insights into what tenants are looking for, and which properties in their experience usually let quickly and for an above-average market rent.
- You can find out about the specific types of homes that are in short supply, such as three-bedroom homes with off-road parking. Investing in these types of properties can be a great decision as it boosts the level of rent you can charge.
- Agents can tell you about different tenant types and where they prefer to live.
For instance, if you’re interested in letting to students, you can ask if there are specific roads that they prefer. You can also find out what’s considered desirable for young professionals and what locations are popular for families. By taking advice from local letting experts, you can build up a great picture of local demand and focus on satisfying it. This will ensure that your buy-to-let investment delivers consistent and decent returns over the long term.
Think about future supply and demand
To assess the potential of a property investment in Flintshire or Chester, it’s worth checking out the local council office or their online planning portal if available, to see what developments are in the pipeline for the next five years or so, and where any new investment is planned. If there are plans for new shops, restaurants, transportation links, and job opportunities due to companies relocating to the area, it’s a positive sign that property prices and rental demand will rise.
It’s essential to examine the type of new properties that are expected to be built and precisely where they will be located. For example, if you’re considering investing in a two-bedroom apartment, but there’s an impending influx of such properties expected to flood the market in the next few years, it’s crucial to consider the possible impact on your property’s price and rent.
Experienced letting agents should have their finger on the pulse of upcoming developments and how they could affect the local property market. It may be useful to ask their opinion on how they expect things to evolve over the next five to ten years.
Select a Property that Offers Future Flexibility
When it comes to investing in property, at Marshall Tonks we want you to make sure you choose wisely. Look for properties that offer future flexibility.
Consider whether the property you’ve just found could be easily converted to a multi-let in the future or adapted to accommodate elderly tenants. By choosing a property that can adapt to different situations and living scenarios you’ll be setting yourself up for success in the long run. Get in touch to learn more about how to make a smart property investment.
Will the Property Meet Your Investment Goals in Flintshire’s Housing Market?
When considering a property investment, it’s important to keep your investment goals in mind. What may be considered a “good” investment can differ depending on your priorities. Here are some key points to consider:
- Rental income: If generating rental income is your main priority, a House in Multiple Occupation (HMO) might be the best option. This type of property can yield higher rental income as it is rented out to multiple tenants.
- Long-term investment: If you plan to sell the property in 10-15 years, you may want to consider a property that can appreciate in value over time.
- Asset for family: If you’re investing to have an asset to pass on to family members, a small family home might be a good option. This type of property is easy to manage and can offer a comfortable living space for a family.
Ultimately, the property you choose should align with your investment goals and priorities.
Summary
When it comes to choosing the right buy-to-let investment in Flintshire or Chester, there are a lot of factors to consider. That’s why it’s important to seek professional guidance from experts who specialise in helping budding landlords just like you!
By working with a knowledgeable team, such as Marshall Tonks, you can explore your options and make informed decisions that are tailored to your unique circumstances.
Here at Marshall Tonks, we’re here to help you achieve your investment goals in Flintshire’s dynamic housing market. Our team of experts can offer personalised advice and help you find local properties that are most likely to deliver the returns you’re looking for both now and in the future.
If you’re interested in exploring your options, please give us a call at 01244 325 413 or email lettings@marshalltonks.com and one of the team will be happy to assist you.
