We’ve listed some tips to consider that may influence the price and pace at which you may be able to rent or sell your property in the future.
Look near a station
Don’t look more than a mile away from a station and search by station name rather than area. Whether you’re renting out the property or planning to live there yourself; nobody wants to be too far away from transport links.
Understand differences between local areas
Sometimes going across the road into another area can have a significant impact on house prices. As an example, compare the price difference between similar properties in an area like Harold Wood and Harold Hill (London Borough of Havering). Whilst they are literally across the road from each other, the price difference is stark. Choosing the right location can have a BIG impact on future growth/rental income.
Old build v new build
We’ve all heard people say, “new build properties aren’t built as well as old build properties”. Whether or not that is the truth is hard to say. However, many people believe this to be the case and can often be a deal breaker for prospective buyers (not so much tenants). On the flip side, if you’re buying to rent, a brand new apartment tends to be more desirable for prospective tenants.
Whether you like it or not, kerb/street appeal affects the desirability of a property. Ideally you want to buy the worst property on the best street rather than the best property on the worst street. Always check the street view before going to view a property and have a look at the surroundings. Streets with buildings such as pubs, old housing estates or cemeteries can often put off buyers/renters. Living on a busy/main road can also be off putting to many because of noise pollution and general busyness.
A leasehold property with a short lease reduces the value of the property and the lease can also be costly to extend. A “short lease” is generally regarded as a lease with fewer than 80 years remaining.
Including all fees, the cost to extend a lease can run into £10,000s for properties with only 60 to 70 years remaining on the lease. Properties with less than 60 years remaining, can be even more expensive to extend.
*This article is for general awareness only and does not constitute legal or professional advice. The law may have changed since this page was first published.