If you are currently looking to invest in property - talk to us!
We have presided over thousands of lets for our landlords over the last four decades so we are acutely aware of what is and is not a good investment in terms of desirability, successful management, appreciation and yield.
As we do not sell properties our advice is totally un-biased. Our motivation in sharing our property expertise with you is to gain your trust and hopefully provide you with a top-class residential property management service. Some companies actually charge for investment advice! There are several ways in which we can help you and they are all free.
New build developments are a great place to start as renting a brand-new home is the next best thing to buying one! We have good relationships with property many builders here in Peterborough and an in-depth knowledge of their developments. A fair percentage of new stock we take on are new-builds.
Peterborough is not unlike any other city in the UK. It has good areas and less appealing areas. On the latter point, there are a couple of areas in Peterborough where Brookdale will NOT take on a rental property. Needless to say, sale prices in these areas are cheap so this can be a minefield!
Broadly speaking, tenants can be split into two categories when it comes to choosing an area. Firstly, people who like a good, decent neighbourhood which looks pleasant and appealing. Secondly, people who are not too worried about the area but want a good size/quality property to live in. Therefore, it is not correct to say less appealing areas do not provide lets.
However, rents can differ greatly between those two area categories thus affecting your financial return on the investment. Of course, often, purchase prices also reflect this - but not always!
Our experience in the letting market stand us in good stead to advice you about the various areas in Peterborough and the surrounding areas and how best to maximise your return.
Estate agents are in the business to sell a property so it is in their best interest to present you with a very tempting investment opportunity.
Some actually deal with letting so can also “advise you” of the potential rental valuation. Be cautious when dealing with estate agents. Over the years we have taken on properties for landlords sold by estate agents who deal with letting who “promised” a certain rent only to fail in achieving it. We then take on the property and provide a realistic valuation and the property then lets. Quite obviously, an estate agent’s interest is in achieving the sales fee.
For good quality tenants “kerb appeal” and inside presentation are most important. Although good quality rental property is in relatively short supply, tenants will seldom take “second best”. If/when they do - it is for a reduced rent which affects your financial return.
No potential tenant will compromise on anything including the area, kerb-appeal of the property and fixtures. In years past the average tenancy length was considerably less so some tenants would be prepared to compromise on quality as they knew they would not be living in the property for very long. Not any longer.
Again, this relates to buying cheap (which can work out sometimes) and misconception of tenant requirements.
Our advice is free. Of course, the motive for providing the advice is we hope to manage the property for you when you eventually do purchase something.
Making a mistake in property investment can be a financial catastrophe. We have met many landlords over the years who made extremely costly mistakes and, with the greatest respect to them, it was always because they didn’t do their homework and thought they knew best.
Usually when an investor calls us with a property in mind we either manage a similar property now or have in the past and can provide good data about rent values and the appeal of both the property type and the area thus maximising the return for the investor.
Please contact the office for advice. We are always happy to guide you whether this is your first rental property or one in a portfolio.
For the peace of mind for all parties, Brookdale Property Management are registered with Propertymark’s Client Money Protection Scheme.
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