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Rental Property and Apartments
There are many investment opportunities in the UK property industry. One area that has been tried and tested is the apartments in the rental property market. The opportunities investors can tap are diverse.
An investor can enjoy a steady income in the form of rent while anticipating a higher return as the property grows in capital. To make the most of a rental apartment investment, an investor must consider:
1. The location of the apartments. Areas saturated with rental apartments will give you a poor return on investment because of the high competition.
2. The type of property that best suits your interest. You might opt for an off-plan or a completed project. Familiarise yourself with the requirements and cost implications of the type of property you choose.
3. The amenities in the location. People love convenience. It follows that properties close to the commute are always in high demand compared to those on the outskirts.
4. The ideal tenant for your apartments. Are you looking for long or short-term tenants?
5. Who will manage the apartments? Is it you or you’ll hire a house agent?
The factors will dictate whether you are investing in short or long-term rentals. Let’s explore the two options.
Short-term rental apartments
Here, an investor lists his/her apartments with Airbnb, TripAdvisor, Booking, VRBO, or Homestay. They can also join different rental property groups on Facebook. Gumtree is another option to advertise your apartments.
Short-term rentals offer tenants lease for a short period. The target market is people staying in the UK temporarily, say those on vacation. It is also a great option for those shopping for a permanent house as they wait for their personal properties to arrive. Besides, those finalizing property purchases might find short-term rentals ideal, the Matt Cullum Property Blog can provide more details.
Student apartments are growing in popularity. The number of overseas students increases annually. Thus, this is an excellent opportunity for investors in the rental apartment sector.
The downside with short-term rentals is that an investor must furnish the apartments. Also, the renters can damage your property. On the bright side, the renters take care of the utility bills, and the rent payment can be over a short period or every month.
Long-term rental Apartments
Long-term rental apartments allow investors to rent out apartments to tenants willing to stay for more than a year. An investor can choose to either furnish the apartment or not. A furnished apartment attracts 20% more rent as compared to unfurnished ones.
As the property owner, an investor is charged with maintaining the property to considerable standards. Ensuring the apartments are fitted with modern bathrooms or luxurious kitchens can be advantageous to the modern family, increasing your apartments’ demand. This also increases the value of the property.
The ideal tenant for a long term apartment is established couples who are both employed, single, career-oriented people, and older tenants. This is because these categories of tenants have stable sources of income. You are assured of rent, and the chances of the renters staying longer in your apartment are also high. Register to the Matt Cullum blog for more details on buy-to-let property.
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