As a first-time investor, your sole focus may be choosing a particular property to purchase, however, it is essential to remember the property itself is not the only thing you need to consider. In fact, the location of the property is much more critical, so instead of focusing on the type of real estate, you choose you should be looking at the neighborhood attributes. By choosing an investment with attractive location amenities, you can expect to receive generous returns, as the better the area the higher the value of the property.
To help you choose the right investment, take a look at some of the top neighborhood amenities that will help you generate the highest returns possible.
When looking for a home, renters tend to look for properties in convenient locations that will enable them to get to work with ease. The more accessible the area is the more tenants will be willing to pay, as, in the long run, it will save tenants a significant amount on their commute expenses. Investing in property near train stations, bus terminals, and motorways is beneficial, however, it is essential that they are not too close as traffic pollution can be off-putting to tenants.
Before making any impulse buys, it is vital that you consider future development in your chosen area. The RW Invest buy to let guide discusses the draw of regeneration areas, such as the Baltic Triangle in Liverpool which has become one of the most sought-after areas to live due to its ongoing development. This area is expected to grow with more residential, commercial and leisure spaces being built. Locations like this are not only attractive to tenants but can also offer investors the benefit of significant capital growth.
One of the most sought-after location amenities is nearby schools and universities. The former is a must-have for families, who tend to choose a property in regard to its proximity to reputable schools. This again will make their commute much easier, as their children will be able to walk to school, allowing them to avoid traffic. Younger tenants like students have one thing in mind when looking for accommodation and that is the commute to their chosen university. This is the number one priority for students, as the majority prefer to be within walking distance of their campus to make their university experience much more straightforward.
Another must-have attribute of property surroundings is green space, which can actually have a massive effect on the real estate value. According to the Office for National Statistics, flats and homes within 100 metres of greenspace are £2500 more expensive than those without greenery nearby. Therefore, by investing in properties surrounded by parks and fields, you will achieve success in the form of high rental returns and capital appreciation.
Homes near shops, restaurants and bars are attractive and lucrative due to their convenience to residents. This is because it offers tenants the opportunity to live in an area that is easily accessible and more affordable, as they will spend less time travelling. It also provides them with a better social experience, especially if they are new to the neighborhood as they can meet new people over a drink or during retail therapy.