There is a lot of doom and gloom in the news for landlords.
We have Covid-19 and the consequential restrictions on landlords’ ability to evict tenants and then there is a backlog in the courts when they do. We have the negative predictions for the economy and job losses at the end of furlough, which may result in more tenants defaulting on their rent. We have the constant changes to tax laws which means that landlords have been hit hard on both income tax and stamp duty. Indeed whenever we turn on the tv, we seem to have another attack on landlords.
It seems the term ‘landlord’ conjures up this notion in the minds of government and everyone else that a landlord is some evil lord of the manor, who just spends all his time sitting in his castle counting his gold.
But against all of these there will still be some brave souls who are buying new buy to let properties. They can point to the fact that a weakened economy will mean more people will be renting rather than buying and also to the historic low interest rates on offer.
So the question is, in such stormy times, where should landlords be buying? So here at Quick Property Buyer, we thought we would share our thoughts.
- Town and city centres
If buying a property for young professionals to share, before Covid it was very important to buy within a large populated area. Young people want to live near shops, supermarkets and nightlife.
This will be less so during and after Covid. But the point is that if targeting this sharing market, tenants are still going to want to live nearer the centre than away from it. Indeed in the past whenever we have bought shared property, which was cheaper and nicer but further out, it has always been harder to let.
- Gardens
Look to buy properties with a garden. Ground floor flats do have more security risk than flats higher up and this was an important factor before Covid which made first floor and above flats more appealing. Now ground floor flats may come with a garden so their appeal has changed. And tenants will increasingly want outside space.
If targeting the family or other markets, likewise gardens will become increasingly important. The larger and well maintained the better.
- Transport Links
Some will point to the fact that many of us may be working from home on the future so transport links may be less important. We would say disregard this. Sooner or later Covid will end and people will drift back to work. And also the working from home, will apply to those who have a home. People will still need to rent somewhere to work from home in, and young people will not work to live with their parents forever.
So buying near transport links will always pay dividends eventually. You do not want to be left with a place that is in the middle of nowhere which is difficult to let.
If you are looking to sell your property quickly for the cash or to buy another, please do contact one of our friendly team at Quick Property Buyer. We can give you an instant cash offer and can complete in 7 days. The offer will cost you nothing and there will be no obligation to accept it.