Character or Modern - Choices when buying an investment property
Planning the purchase of an investment property is an incredibly exciting time whether it be for a seasoned or new landlord. There are so many variables and compromises to consider, as always in property.
There are a number of choices to be made when searching for the right property. Notwithstanding; budget, size or location which all play a part in the decision making process, the type of property, modern or character seems to have landlords divided over with is preferable.
Modern properties can often be more expensive like for like, however they benefit from NHBC warranties and being built to the latest regulations will likely fare better in the EPC and by extension will be cheaper for tenants to run. There is also an attraction for the majority of tenants to something new and up to date.
By contrast, older properties are often better built and may be less likely to have the types of problems associated with new build dwellings. It is however likely that as a landlord there will be more expense in renewing fixtures, fittings and items that have simply worn out. Older properties tend to have larger rooms which may well be more desirable to tenants.
In terms of rents these can be variable for either type of property. It a tenant needs to live in a certain place perhaps the most important metric is location.
What do you think, what is your preference?
If you have any lettings queries, please don't hesitate to get in touch with our friendly team on 01747 416 516 or email@example.com