Make sure you're targeting the right kind of tenants for your market
Property owners looking to dip their toes into the buy-to-let market for the first time are always at danger of setting their standards too high. While you want to make sure that things aren't too shabby, you need to remember that this will not be your home – and as such, it does not need to meet your own exacting standards.
That being said, there is nothing wrong with setting out your flat to appeal to a particular demographic – in fact, it is something to be positively encouraged. If you're renting in a student town, then residential lettings agents will no doubt be inundated with students looking for something cheap and cheerful.
In this case, it's best to make sure your property is affordable and has the essentials for younger tenants, namely a decent broadband connection, plenty of fridge space and a microwave for all those pot noodles just waiting to be eaten.
On the other hand, London lettings agents will have a more diverse range of prospective tenants, with areas in and around the city likely to be particularly popular among rich professionals and couples working in the capital with plenty of income.
Factor in research from Reuters that suggests London developers are currently targeting well-off households with new luxury flats because they feel they can charge them up to 70 per cent more and it's easy to see the appeal of catering to more affluent markets.
But this is not always the best course of action, as Ideal Property managing director Stephen Dyer points out that any such high-end markets are usually incredibly niche.
"It's a very niche, very rich market. It will be interesting to see where these developments end up and what these people actually do end up paying, because the market is undoubtedly changing and I think people are looking for value," he says.
"And even with people, who on the face of it we are led to believe have got more money than sense, I really don't believe that people will commit these huge sums in quite the way it's suggested."
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