Whether you’re buying to rent, or just want to ensure your new home will hold its value, look out for these attributes to find out whether a property is worth the investment. From original features to up and coming areas, read on to learn how to spot a great investment property…
It’s in an up-and-coming area
Buying property in an area that is currently improving or has recently improved is a very wise choice. The property is likely to still be reasonably priced and as the area continues to improve, the value of the property may go up. Look out for new developments, bar and restaurant openings and check out the local schools. If you don’t live locally, ask someone who lives nearby about up-and-coming areas – if there is one, the locals will know about it.
Another example of a good investment property is a house in a great area that needs improvement. Buying a fixer-upper on a great street gives you lots of potential for increasing the value of the property. Whereas, with a great property in a bad area you may struggle to make a significant return on your investment.
It has a good number of bedrooms
If you have a choice between a house with two bedrooms or a house with four – it is usually advisable to opt for the property with more bedrooms. If you are going to be living there yourself, a larger number of bedrooms will mean you are less likely to need to move if your family grows, and will therefore save on the time and money it takes to move to a new house. If you are buying to rent, you will be able to charge more for a home with more bedrooms. Search for properties and choose your number of bedrooms with Tepilo’s property finder.
If your budget is limited, but you know you will need more space in future, look for properties that have the potential for conversions. Consider whether the house has a basement, loft or garage that could be converted into a bedroom or enable you to extend your living area. These conversions can help to increase the value of your property.
It has an easy to maintain outdoor space
Whether you are living in the property yourself or buying to rent, an easy to maintain outdoor space gives you a great advantage. Although a large landscaped garden is appealing, it does take time to maintain and there may be periods of time when you or your tenant can’t keep up with it. To avoid having to hire professionals to clear the garden before you sell or rent the property, opt for a garden with minimal maintenance.
It has a strong roof and foundations
Roofs and foundations are some of the most expensive things to repair on a house. Take your time inspecting the roof of a property and find out about the quality of the foundations before you commit to buy. Solid foundations and roofs will stand the test of time and help your property to retain its value.
It has original features
Original features and architectural details such as wooden beams or an old-fashioned fireplace can really add value to your home if well maintained. Look out for these features when viewing properties and make sure you take care of them if you already have them in your home.