- House Prices
Have you ever thought about being a landlord?
The property market in Shropshire - and Telford in particular - is ripe for buy-to-let investors at the moment, and you can make a really strong return on your investment with the right property.
But as with most things in life, managing a property can be time-consuming and complicated, which is why it’s important to have a good team in place to help.
Director of lettings and property management at Nock Deighton, Dawn Clarke, spoke to a group of would-be investors at an event recently to give them some advice about the pros and cons of being a landlord.
And we thought we would share her tips for people looking to buy a property to let in Telford, or anywhere else in Shropshire, on some Nock Deighton blogs.
In this blog, Dawn talks about location. Dawn, it’s over to you…
“Telford is a great place to rent property because there is a good range of property types available and so much movement in industry – there is always a high demand for properties to rent in Telford.
“Returns on investment can range between four and ten per cent gross, depending on the type of property and its location, which means there are options for a wide range of investors.
“The most important aspect of a rental property is its location - think about the kind of tenants you want to target and buy in that area.
“For instance, if you are looking for professionals, a tired-looking house in walking distance of a train station, which can be spruced up relatively easily, is likely to be more of a sound investment than a recently-refurbished house in a town without a train link.
“We often speak to people who bought a house in an area they might like to live in themselves without thinking about the area in a dispassionate way.
“It might sound obvious but you need to remember it won’t be you living there - you need to buy the right house for your potential tenants, and then ask yourself ‘would I like to live there if I were them’.
“We have years of experience in letting and property management in Shropshire and very happy to talk to potential investors about suitable properties and expected returns, before they make any decisions - just give us a call or pop into the office for a chat.”
Dawn and her team can be contacted on 01952 290163.