Knowing
what puts off potential property purchasers and tenants from buying or renting
a property is fundemental to being successful at buy to let. This was the advice I gave a landlord of mine
from Loanhead the other day when I was viewing a potential buy to let property
with him. I went on to surprise him with
some examples including patriotic flags and charity shops. Let me explain further.
When
it comes to buying a buy to let property you need to consider not only the big
things but also the little things as well as both as really important.
I
have banged on about the ‘big things’ before – particularly rental yields,
capital growth and how easy it is to sell your property – so today I thought
that I would focus more on the ‘little things’.
Whilst they are ‘little things’ they are fundemental to property buyers
and renters taking a property to live in so they are actually really important.
Research
undertaken by easyProperty asked 1,000 UK adults what things would put them off
an otherwise suitable property they were viewing other than the condition the
property itself. There responses were
fascinating.
Many of the people taking part in the survey indicated that they cared as much about the prospects of the surrounding area as they did about the property itself but the biggest ‘turn off’s’ were more intangible:
- More than half of the people surveyed said that they would not take a property if the had a ‘bad vibe’ about it. Time to get a feng shui person in!
- Lots of people were put off by things that signified how affluent the area was. One in four of people were put off by fast food shops nearby and a third of people by the presence of pound shops whereas only a few (6% of participants) were put off by vintage or boutique shops both of which are commonly thought of as being in ‘posh’ neighbourhoods.
- And amazingly 18% lost interest in an otherwise suitable property if they disliked the people currently living in the property .... slightly irrational as these people would not be in the property after they bought or rented it!
Top property dealbreakers
|
Turn off
|
% who said the turn off could be
a dealbreaker
|
|
Detecting a bad vibe
|
54.3%
|
|
Lots of fast food shops nearby
|
37.2%
|
|
Lots of pound shops nearby
|
30.4%
|
|
Lots of pubs and restaurants nearby
|
24.9%
|
|
Charity shops nearby
|
21.2%
|
|
Patriotic flags on neighbouring properties
|
19.5%
|
|
Disliking the current owners
|
18.0%
|
|
Lots of religious buildings nearby
|
17.4%
|
|
Smelly pets
|
9.2%
|
|
Lots of vintage/boutique shops nearby
|
6.0%
|
|
Source: easyProperty survey
|
|
Before
they decide to buy or rent a property, most people try to picture themselves
living in the property and in the area the property is in. What is the
neighbourhood like? Would we want to go for an evening stroll? Who are the
neighbours, can we imagine inviting them over? How do the schools perform, can
we see our kids enjoying it there?
When
you are buying a property to rent out, it is really important that a landlord
does the same as the people renting the property will be doing so so you need
to ensure that your property is going to be attractive to them taking account
of the above research.
It
is really important to ensure that the little things are right with a property
as well as the big things!
If
you would like to talk to us about your potential investment criteria, please
come into our office at 6 Bank Street, Penicuik for a chat, give me a call
01968 674601 or email me on lettings@thekeyplace.co.uk.
A few more interesting articles about the
Penicuik Property Market:
- Penicuik or Dalkeith for a Buy to Let investment. Which is the best? http://bit.ly/1Pv7ouS
- Who is to Blame for Crisis in the Penicuik Property Market? http://bit.ly/1VOjs0V
- £4,400 helping hand for Penicuik first time buyers http://bit.ly/1XSYJJd
- 'Generation Rent' in Penicuik to grow by 40% by 2021 http://bit.ly/1Wl9LrD
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