Residential property has always been a significant investment. It allows for passive income, and you can still use the livable space should you need it.
As the population continues to grow and rental prices steadily going up, there’s a need to provide for housing, and you can’t go wrong with residential property investments. In this short guide, we let you in on tips on how to find the perfect residential property investment Manchester.
The Right Real Estate Adviser
It’s easier to find a property if you have the right real estate adviser helping you out. They can shortlist properties for sale and help you consider financing options. A good adviser will also be able to help determine if a property is worth the investment to begin with.
Thirlmere Deacon Property Investment is a company that specializes in giving expert advises to potential property owners and buyers.
The State of the Property
There are a lot of questions that you should be asking your realtor before you even consider a property. How old is the property and how many times has it been renovated? Determining the age of the property allows you to check for its livable lifespan.
Other than the lifespan of the property, here are other things that should be considered:
- The roof has to be adequately waterproofed
- Plumbing has to be in tip-top shape
- The availability of hot water
- Electrical wirings should be in excellent condition
- The floor should be new or recently redone
- Are there recently installed smoke alarms or fire alarms?
One strange question that you should get out of the way is asking the agent how many viewings has the property had in the past. This allows you to put into perspective other people’s opinion of the property.
Once the livability of the property has been confirmed, only then can you move on to the next set of considerations for your new property.
The Location Matters
Manchester is already a thriving city with excellent infrastructure, making it one of the best places to live in Britain. It’s general location already makes for a worthy investment. However, a consideration in choosing a rental property to purchase is the location of the property itself.
The closer it is to universities and work areas, the better its value because it makes the property more accessible to students and professionals. Find a property with a couple of minutes’ access to significant forms of transportation, such as the metro link, allowing you the ability to commute if you choose public transportation.
Amenities around the area are also equally important. Calculate the distance between the property and stores, dining establishments, and recreational facilities. You’ll need to be in an area that’s convenient for you to dine or buy supplies from.
Safety and Security
Generally speaking, Manchester is a safe city to live in. However, there will always be certain areas that will be deemed more guarded than others. Check for your proximity to a police station. The closer you are to one, the safer that an area becomes for you and your family.
Hospitals and medical facilities are also a great thing to look out for. If you or a member of your household has an ailment that would require them to be close to a healthcare facility to address an urgent need, it would be helpful to be near a hospital.
Your Property as an Investment
Finally, a consideration that you should have is the value of your property in the future. As rental rates continue to increase and the population of Manchester continues to boom, there’s no doubt that your property could be worth more in the future. However, taking into consideration all the points mentioned above would mean the difference in future perceived value.
You need to think of property not as a place to stay in but a place that you can have to let. The influx of students and business in the city make it a perfect location for rental property investment.
There are a lot of considerations that you should be looking at before you start looking for property investment, but with the right advisors and the right questions, you could be making an investment for your financial future.
Manchester will continue to be one of the best cities to invest a property in whether it is for your use or for let to tenants.