Tuesday, 7 March 2017

Edinburgh property – weirdest deal breakers

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 Crammond 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
Lots of fast food shops nearby
Lots of pound shops nearby
Lots of pubs and restaurants nearby
Charity shops nearby
Patriotic flags on neighbouring properties
Disliking the current owners
Lots of religious buildings nearby
Smelly pets
Lots of vintage/boutique shops nearby
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 give me a call for a chat 0131 603 4570 or email me on news@thekeyplace.co.uk.

#edinburgh #property #buytolet #realestate #ownermanagedbusiness #retirement #retirementplanning

1 comment:

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