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Whether you are looking to purchase a home for yourself, to develop or to rent out, it is a good idea to think about the area you are looking to buy and how that suites your requirements. Most buyers look for accessibility, transport links, shops, schools and convenience so it is important to consider all of these elements when choosing a property. As well as this, it is a good idea to research other factors such as crime rates, flood risks, average cost of insurance among other things.
Get an idea of the area you are looking to buy, both in terms of who currently lives there and the type of people who would want to live there. There is no better way to get a feel for an area than actually visit it, talk to people and consider distance from schools, shops and transport links. Also check major roads and bus routes. Although it’s easy to look at an area with a positive outlook, also try and be impartial. Therefore consider things like road noise and visit at different times during the day as schools are open and later when children may be playing out.
If you already know the type of market you are aiming at for developing or renting out, or perhaps for yourself then you need to find out if the area is suitable for that, otherwise it could hinder your plans in the future. If you already have a property in mind, then you need to tailor your plans to suite the market in the area. Many sites online will be able to give you statistics on crime rates, average earnings of residents, and other neighbourhood profiles. You can also check government websites for details on the quality of schools as well as proposed planning permission for properties in the area. In many cases, an up and coming area may be a worthwhile investment if it has planning for development or new shopping complexes or academies.
Once you have all the information you need, you can then put together a property profile of what you expect your property to be like once it is done up. Consider the location, number of rooms, features and any extensions or other changes you intend to make. This will help you begin to plan your budget but also gives you a profile to take to a local estate agent where you can get an idea of how much your property may be worth to sell or rent out. However it is important to research the average house price or rental price in the area. Many properties are prices based upon the area, therefore a run-down property could be worth millions of pounds in certain parts of London, but if you spend millions on a property in a deprived area of the UK, you could be quickly making a loss. So find out how much newly renovated properties have sold for in the area in the last couple of months, but also consider the future property market and be prepared for changes in house prices in the area.
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