This article is the first in a series which aims to help you make the right decision when selecting a property to invest in. Todays article in focused on whether parking is an important aspect of the property.
The first question you need to ask yourself is - "what is the demographics of the area?" If the prospective property is in central London then we'd probably say that parking isn't all that important as most tenants will not own a car and get around via public transport. However, if you buy a property in Southampton we'd advise that you look for a property with parking even in the city centre, we find that the majority of tenants looking need at least one parking space.
"Who am I going to rent to?" This is another important question to ask yourself, if you're planning on a student let then it's unlikely they'll have a car so parking won't be top of the list. Yet, if you plan on renting to a family then a parking space is vital, an average of 1.2 cars per household in UK proves this.
"What type of parking is available?" The final question to ask is the type of parking available with the property. A driveway with garage is the most desirable type of parking as you can imagine. However, access to parking on the road outside the property can be just as attractive if a tenant is comparing two homes, one with on-road and one without any parking.
For information on the private rental sector and what property is best to invest in then give Martin and Co Southampton City a call on 02380 988881. We'll be happy to have a no obligation chat with you about your requirements.