Good property investment is about picking the right home that attracts good tenants ready to pay a competitive rent.
Plenty of advice on what to buy hits the headlines – but tips on what not to buy are rare.
Sometimes it’s hard to spot a rough diamond when viewing properties.
Here are a few pointers about other factors than can blight a property value:
- Unless you are confident with your own abilities, never buy a property without consulting someone who can give professional building advice.That may mean viewing with a builder or paying for a survey, but buying blind can wipe out any profit potential.
- Always thoroughly check auction properties – if the seller could dispose of the property any other way for more cash, then you have to ask why is the property going for a song?
- Having transport connections on the doorstep are not always a delight. Most people like sitting in the garden and open windows – but road noise, airport flight paths and the thunder of nearby train lines can be a major turn off.
- Pubs, clubs, fast food outlets, convenience stores, schools, and industrial estates can cause a lot of out-of-hours noise, antisocial behaviour, and parking problems.It’s a good idea to view a property at a couple of different times, for example daytime and night, to give you a good feel of the area.
- The seller should point out problems with neighbours and rights of way – but beware buying at an auction. If the property is a repossession, the seller could be a lender who may leave finding these things out to your due diligence.
- Country life is idyllic for many – but not when you are downwind of a piggery or sewage farm that smell their worst at the height of summer.
Finding the right property at the right price in the current market is a challenge for many investors, but with so much cash tied up in an investment, the old adage of ‘buyer beware’ rings truer now than ever before.