Two similar properties in the same street can end up with very different values. Below are 6 possible reasons for this which can affect both sales and rental:
Anti social neighbours
You may think a property is a perfect buy-to-let investment but if it has anti social neighbours this will result in tenants not staying long and the property possibly being difficult to sell on. If you are considering a property, visit the area in the evening when it is busiest and walk the area. Check out the condition of neighbouring houses and gardens, if they don’t look good, walk away. If you are buying a flat, make sure it has good sound proofing in the floors and walls as this can be an issue for you, a tenant and your neighbours and can cause issues.
Lots of home improvements require planning consent, sometimes even a fence will need it. If you are buying a property or considering improvements to an existing one, make sure all necessary planning consents and building control sign off is in place.
This is becoming more and more of an issue with insurers. A property you have or are considering may be considered at risk of flooding, even if you cannot see how! Always check with the local authority who keep a register of “at risk” properties and run the post code past a few insurers. They will quickly tell you if the property has been black listed. This issue can be researched quite easily on the internet now.
All important kerb appeal!
This is so important, both for sale and let. Always keep the frontage tidy and looking fresh. If this means a fresh lick of paint then so be it but it may be as simple as a few plant pots.
Poorly decorated properties and those with odd colour schemes are both difficult to sell and let and can affect value as people will just be thinking of the cost and effort to put it right. With rentals you are safest with neutral carpets and good old magnolia as the tenant will then jazz it up with furnishings.
School catchment area
More and more families are buying and renting close to their preferred school. This can affect rents by up to 15%. For Landlords this is obviously great and leads to tenants staying for much longer periods than normal. On the flip side however, properties in these areas do tend to sell for closer to the asking price which is not great for Landlords. Just bear in mind that if you buy in an area with a struggling school, you are less likely to attract families. A good agent should be able to tell you which schools in your area are performing well.
We hope this has been helpful but if you are thinking of buying either a property to rent out, or for yourself but are not sure of the area, pop in our office and we will be glad to advise you.