How To Find A Good Property
When it comes to property investment, finding the right property to buy is one of the most important factors. If not, the most important factor. But that’s up for debate I suppose! Anyway, when looking for your next purchase – make sure you consider the following points for how to find a good property.
Know your area
Finding the right area has to be one of the most important factors when it comes to buying a property. Especially if you plan on flipping it. Quite often the best and safest way of doing this is to stick to areas you know. But that’s not always possible, so how else can you find out whether or not an area is worth investing in?
The short (and unhelpful) answer to this, is there’s a whole host of different things to consider. But there are some biggies you should always look for.
- Is the market buoyant or dead in the water?
Modern technology has made it quick and easy for anyone and everyone to find out how well a market is performing in any given area. The most simple way to do this is spending a bit of time on Rightmove or Zoopla looking at how well and frequently houses are selling. If properties tend to get snapped up fairly quickly, that’s a good indication that you’ve found a good place to invest.
- What are the catchment schools like?
A lot of people move house to get closer to “good” schools so they can fall in a catchment area easily. It’s always worth checking what the local schools are like where you’re buying. Which catchment areas will your property fall in? Ofsted ratings can generally give you a good idea for the quality of the school.
- Do the locals take pride in their gardens?
If you’re not familiar with the area, drive around and have a look. What do the neighbourhood gardens look like? Do people take pride in their gardens and keep them nice or are they left unmaintained? Whilst this isn’t tangible per say, it can give you a really good indication of how desirable the local area is.
Appeal to a wide market
One of the biggest mistakes you can make when buying a property is getting it for the wrong reasons. Remember – you’re buying to make a profit. One of the best ways to do that? Make sure it appeals to as wide an audience as possible.
So what does that mean? Target both first-time buyers and the secondary market. Find a place which is suitable for most.
Don’t limit yourself by buying a fancy place that only meets the needs of a select few people. You will limit yourself when it comes to the sale. The more people your property appeals to, the more interest you’ll have leading to a faster sale at the price you want.
Ask yourself, would you like to live there?
Whatever you do, don’t just buy a property because it’s cheap. In any place you buy, ask a simple question – would you want to live there, or not?
If the answer is no, keep looking. If you can’t even convince yourself of the merit of living there then what hope do you have of doing so with prospective buyers or tenants. A massive part of living decisions are based on area – don’t forget that. People want to live somewhere they feel safe and secure.
More importantly, would your target market like to live there?
Think circumstance. Who are you aiming the property for? The average family of 2.2 children (or whatever the latest statistic is?) If that’s not you, then put yourself in their shoes. There’s lots to consider:
- Does the property have space for a dog? Can you add space?
- Can mum & dad host a dinner party whilst the kids are asleep, ie. does it have a downstairs toilet?
- Is there a park nearby?
- Good commuting links?
- How close is the nearest shops?
If in doubt, ask someone who’s in your target market. Even take them round to a viewing with you if you know them well enough.
Have patience and wait for the right property, then move quickly.
Take your time and do your research. 50% of making a good profit on a house is in the buying process. And I don’t just mean buying at a good price either. Buying the right place is just as important.
Once you’ve done your research and you know what you want. Be patient and wait for the right place to appear.
When it does, be ready to move quickly – the likelihood is you won’t be the only one interested.