Three things I learned after buying and selling houses for 20 years

As a property expert based in the North West of England and an estate agent in Flintshire – I have amassed a wealth of knowledge alongside a small portfolio of properties of my own.

I know that investing in a rental property can be a great way to build generational wealth for you and your loved ones. But before making any investment, there are three key elements that landlords should consider.

First, consider the property’s location. It’s important to make sure that the property is located in an area that is close to employment opportunities, ideally within a 30-minute commute. It’s also important to ensure that the logistics to the property are sufficient, such as good transport links and nearby amenities.

Second, look for areas that are up and coming. These are areas that may have a bohemian feel with young people living in them but haven’t yet attracted boutique shops or supermarkets. These areas often offer good value for money and can provide excellent capital appreciation over time.

Finally, make sure that there is sufficient demand for the type of property you are considering. You don’t want to invest in an oversupplied market, as this can make it difficult to find tenants and can reduce rental yields.

When considering these elements, it’s important to work with local estate agents or letting agents who have a good understanding of the local market. They can provide valuable insights and help you identify the best areas to invest in.

Here’s my handy checklist:

Location:

1. Research the local area to ensure that the property is in a good location that is close to employment opportunities and has good transport links.
2. Check the local amenities such as shops, schools, and healthcare facilities.
3. Consider the safety and security of the area.

Up and coming areas:

1. Look for areas that are undergoing redevelopment or regeneration.
2. Check for any planned infrastructure improvements or new developments in the area.
3. Look for signs of gentrification, such as the arrival of trendy cafes, restaurants, and shops.

Property type and demand:

1. Research the local rental market to identify the types of properties that are in demand.
2. Check for oversupply in the market and avoid investing in properties that are already oversupplied.
3. Consider the size of the property and whether it will appeal to families, students, or young professionals.

Financial considerations:

1. Determine the monthly rental yield and ensure that it meets your financial goals.
2. Consider the capital appreciation potential of the property over time.
3. Check for any hidden costs such as maintenance, insurance, or property management fees.

Seek professional advice:

1. Work with a local estate agent or letting agent who has a good understanding of the local market not just a “FREE” agent with no local knowledge.
2. Seek advice from a financial advisor or accountant to ensure that your investment aligns with your financial goals.
3. Consider attending property investment seminars or workshops to learn from experienced investors.

I believe that by following this checklist, landlords can make informed decisions when investing in rental properties and increase their chances of success in the rental market.

If you’re interested in learning more about investing in rental properties, feel free to contact me at our office number in Chester: 01244 722307 or visit our website at www.marshalltonks.com – I would be delighted to speak with you and share my ideas. Thank you for listening.