The buy to let property market continues to grow, Alex Johnson at Belvoir Peterborough gives advice to landlords as to how to increase their chance of a quick sale
In my years in the property sales industry, and since the interest rates have remained low over the last few years I have seen more and more people investing in property to make their money work for them. At Belvoir Peterborough, we have found that the demand for Buy to Let advice has grown year on year. Of course there are the seasoned investors with large portfolios of properties, but we have seen a large increase investors seeking to purchase one or two properties – whether it is a alternative to earning precious little in a savings account, an alternative to a pension or an investment in their children’s future.
Peterborough is popular with investors for a number of reasons:
- There is a high demand for rental properties with large employers in the area and the business parks, access to the A1(M) and excellent train links to Cambridge and London
- Property prices remain steady and are more affordable compared to other areas with high rental demand, such as Cambridge, often with a higher yield or return on capital invested
- There has been development, and continues to be development, of modern properties in areas with good amenities and road links offering low maintenance properties which are attractive to tenants and prospective landlords alike
If you are a landlord that is thinking of selling your property, or indeed, if you are a homeowner wishing to increase the chances of a sale, here is some advice to maximise your chance of a sale to an investor and obtain the best possible price. It is important to remember that although the property market is moving, there is a lot of choice for buyers in this area, so you need to make your property stand out for the right reasons!
- Neutralise the decor and de-clutter for photos and viewings – first impressions are extremely important to obtain that all important viewing, and offers!
- Rectify maintenance issues – where there is a “fault” with a property, buyers may offer a substantial amount less than the issue would probably cost to fix, it may also lead them to wonder what else may be lurking. A property that appears well maintained is more likely to achieve closer to the asking price
- Consider selling with a tenant in residence if they wish to stay, this reduces the void in rental income for both you and your purchaser – we are happy to advise and guide you through this process
- Be realistic about price – although the market is active, where a property is priced too high it results in a lack of enquiries and viewings. We as agents speak to numerous applicants, there are countless prospective buyers who make their decision on whether to view a property at the other side of a computer with no contact with agents, and it is important as a seller to maximise the chances of these people making contact.
If you are considering selling your property, or indeed, if you are considering purchasing a property to let, please do not hesitate to contact Lottie or myself on 01733 511099. We pride ourselves on offering tailored packages to vendors, whether you are an owner occupier, Landlord and developer. With a proactive approach to marketing , we can get your property moving.
