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There are a number of key factors which should influence your choice of property/properties. The principal factor being location. In order to maximise your chances of letting your property you must ideally chose somewhere that is: close to all amenities including transport links. Try and establish what the demand is and for what type of property i.e. are there large companies nearby or moving to the area, is the property within easy reach of a university campus etc etc. Property type is also important, is there a stronger demand for apartments for young professionals or for family homes. The condition of the property is also fundamental for two main reasons: 1) If you are raising a mortgage, the surveyor acting for your lender must be able to state that the property is in letable condition, if not then typically they wont advance any money until the surveyor can revisit the property and confirm that it is. 2) in order to achieve the best rent in the fastest time the property must be in good condition, most tenants these days expect modern kitchens and bathrooms. It is imperative that you research properly before buying an investment property, as a property that remains empty will cost you money, not make you money. We would strongly recommend that you contact a number of letting agents in the area of your search to establish demand. |
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