Deal Breakers 1st Jul 2016
Knowing what puts off potential property purchasers and tenants from buying or renting a property is fundemental to being successful at buy to let. When it comes to buying a buy to let property, you need to consider not only the big things, but also the little things as well, as both are really important.
The ‘big things’ are of course rental yields, capital growth and how easy it is to sell your property . However the ‘little things` are really important to buyers and renters so must be given due consideration too.
Research undertaken by easyProperty asked 1,000 UK adults what things would put them off an otherwise suitable property they were viewing other than the condition the property itself. There responses were fascinating.
Many of the people taking part in the survey indicated that they cared as much about the prospects of the surrounding area as they did about the property itself but the biggest ‘turn off’s’ were more intangible:
• More than half of the people surveyed said that they would not take a property if the had a ‘bad vibe’ about it. Time to get a feng shui person in!
• Lots of people were put off by things that signified how affluent the area was. One in four of people were put off by fast food shops nearby and a third of people by the presence of pound shops whereas only a few (6% of participants) were put off by vintage or boutique shops both of which are commonly thought of as being in ‘posh’ neighbourhoods.
• And amazingly 18% lost interest in an otherwise suitable property if they disliked the people currently living in the property .... slightly irrational as these people would not be in the property after they bought or rented it!
Top property dealbreakers:
Detecting a bad vibe 54.3%
Lots of fast food shops nearby 37.2%
Lots of pound shops nearby 30.4%
Lots of pubs and restaurants nearby 24.9%
Charity shops nearby 21.2%
Patriotic flags on neighbouring properties 19.5%
Disliking the current owners 18.0%
Lots of religious buildings nearby 17.4%
Smelly pets 9.2%
Lots of vintage/boutique shops nearby 6.0%
(Source: easyProperty survey)
Before they decide to buy or rent a property, most people try to picture themselves living in the property and in the area the property is in. What is the neighbourhood like? Would we want to go for an evening stroll? Who are the neighbours, can we imagine inviting them over? How do the schools perform, can we see our kids enjoying it there?
When buying a property to rent out, it is really important that a landlord does the same as the people renting the property, and so ensure that the property is going to be attractive to them taking account of the above research.
It is really important to ensure that the little things are right with a property as well as the big things!