If you are looking to invest in a property, which you will later rent, then there are a lot of things to consider. The area will play an important role in the success of your house rental, so you need to consider this carefully. We have teamed up with Mighty House, a leading property landlord company which is based in Lancaster, to give you the best reasons to choose the North West!
Compared to Southern areas in the county, the North West is cheap for housing! You will still have to pay a reasonable amount for a nice property but they are nowhere near the average London price of half a million pounds. The average house price for a property in Lancaster is just over 153,000 which is quite a difference.
It’s a highly sought after location.
Chances are that if you’re looking to rent out a property then you will find that it will probably get a lot of interest from potential tenants. There are always people looking to move, perhaps for a new job or family circumstances, so with the help of local advertising you should be able to set up viewings quite quickly.
You don’t have to opt for a house.
If you are new to the buy to let business, you might want to minimise the risk that you are taking when choosing a property. There are different sized flats, houses and other types of properties available at a whole range of prices. This means that you can work out exactly how much you can afford and research for properties within your budget.
Student areas are all over the North West!
There are many Universities across the North West including UCLAN in Preston, Lancaster, Chester and many more! This means that you will be able to look into advertising your property to the students, who are often looking for somewhere to live when they move out from halls. This might be harder to do in Southern and rural areas as they are more likely to stay on campus throughout their time in education.
There are some really great places available.
Whether you want to invest in a property near the sea or one in a city central location, there are plenty of options available. Places like Lancaster, Manchester and Liverpool have great attractions including cathedrals, Universities and shopping outlets, which draw tourists in from all over the world. Each of these can be accessed by different transport methods, mainly trains, which means that they are always going to attract visitors.
The North is generally happier!
A 2012 study which was printed in The Daily Mail found that people who live in the North feel a lot happier about their life than those in the South. This was measured by how safe they feel in their homes, their feelings towards their neighbourhood and how they feel about the size and condition of their properties.
When you are considering the buy to let adventure, research is essential. In order to find out about a specific area you must look into the properties, cost and other important factors. There is plenty of additional advice available on the net which will help you to gather information. Good luck in your property search!