The difference between purchasing a home and purchasing a buy-to-let property
Even if you want to enjoy your buy-to-let investment as a second residence, there are certain criteria that need to be considered differently when it comes to buying an investment property.
When purchasing a home, many people want the largest property their money can buy. This makes sense, as all the family can visit and it is pleasant to spend time in bright, airy rooms, but how should you be thinking in terms of an investment property’s size? The reality is, size is much less important for your investment property. Profitability does not run parallel with floor space; a small, city-centre apartment in a sought-after region can produce higher returns than a larger property in the same area, as it receives higher demand for occupancy. Instead of focusing on size, try to assess the demand for a particular type of property and weigh up your needs against your tenant’s needs.
One thing that has equal importance when choosing any type of property is location. A home needs to be close to amenities, convenient for your work and also in your preferred type of neighbourhood. However, it is once again vital that your investment property is thought of in terms of your tenant’s needs. For a home, you might choose to sacrifice location for your ideal property, or choose somewhere remote that has incredible views, but both of these decisions could reduce occupancy if made on a buy-to-let venture. Instead, tourism hot spots are sure bet – any property in a favourite coastal, countryside, mountain or city area is sure to receive reliable rental income.
Painting rooms neon pink with leopard print carpets is an excellent idea if it helps you feel at home in your dream house. However, one of the best ways to enhance occupancy in a buy-to-let residence is toning down your personal tastes and favouring neutral tones. Essentially, you want your investment property to attract as many tenants as possible, so any intense colours or unusual décor should be avoided. One way to ensure that the property’s interiors are suitable is to choose buy-to-let with an operating company. All of Pierre & Vacances Property Investment’s residences have been created to attract optimum amounts of visitors. Everything from the interiors to locations are ideal for most tourists, so you can be sure that your investment will be a success. Furthermore, rental income is guaranteed whether your property is occupied or not, so you don’t have to worry about periods of vacancy.
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