Before viewing properties, it is worthwhile
doing some research to make sure they have the potential to be a good investment. You
don’t want to buy something just because the price looks good. If you would like to
know what research I carryout before viewing properties, then stay tuned, watch this video
to the end as I explain all. Hi, I’m Andy Walker from monoperty.com,
where I blog online about my journey as a property investor and landlord, sharing what
works for me and what doesn’t to help you start or expand your property portfolio. I didn’t carryout much research on the first
investment I made. I simply chose a location which was an area that I hoped to live in
someday, jumped online, looked for a property that I thought provided the best value for
money compared to others that were up for sale at the time, and that was it. Thankfully, it worked out well, but I was
lucky because it could have gone wrong. Even though the estate agent at the time told me
that the property would let quickly with tenants, I should have done my own research because
the agent may have just told me what I wanted to hear, because they work for the seller
and not for the buyer. However, I know have plenty of experience,
and I am now going to run through the things that I check when I shop for a property. Some
of these may seem obvious to you, but it’s important that they’re all considered. And
before I start, there’s one thing I want to you to know, and that’s this, there is
no such thing as the perfect property. You will never make a start if you look for the
perfect property, the idea here is to look for a good property. I mentioned in my origin video, that I would
do my best to reassure to you that property investing does not have to be a high risk,
and this is my first video to help prove that to you. By checking these factors when looking
to buy any property, it will help reduce the risk of it all going wrong. Now when it comes to investing, I’m not
talking about specific towns or cities, because there are good areas across the whole of the
country, I’m talking about the location within those towns and cities. If your not
too familiar with the area, then you need to spend time visiting and talking to people
who know the area well, like estate agents and letting agents. Check to see if there are big businesses nearby
like supermarkets and popular chain stores, universities and hospitals. These are not
just good for convenience, because their also good for finding potential tenants as well. Find out how far the nearest bus stop and
train stations is, as there are plenty of people who use these services to commute to
work, do their shopping and visit friends. How far away are the nearest schools and what
grades did they received on their most recent inspection. This can easily be checked online
and it’s worth finding out because there are plenty of parents that look for areas
with good schools. Check there is a rental demand for the area
and for the type of property you are looking to buy. You can do this by contacting several
letting agents and listening to what they have to say. If your considering buying a
3 bedroom house in that area, then tell them because they may tell you that they struggle
to let 3 beds in that area whereas 2 bedroom properties go very quickly. Hopefully all
the letting agents will give you a similar answer and you will have more confidence that
it’s a good area to invest. Also, check out the competition online. How many other
properties of the this type are available and how long have they been vacant. Are there signs of other investors or the
local authority making improvements to the local area, because if there are, it’s likely
to have a positive impact to the value of that area in the near future. This may not be critical depending on the
location, but it’s a good to have because not having parking can put some people off. Are the vendors asking for a realistic price
for the condition of the property, compared to recent sales. This can easily be checked
by using popular online property portals like Zoopla, RightMove and OnTheMarket here in
the UK. Do you expect t see growth in the short to
mid term based on previous sales, if there are no signs of regeneration in the area. If you are looking to invest in a flat or
an apartment, there’s a couple of additional areas that you should check too: Check to see how many years are left on the
lease because it will effect the value of the property as it will cost you money to
extend that lease. And if your not a cash buyer, the length of that lease particularly
if it’s short, may restrict your eligibility to some mortgage lenders. And lastly, you will need to know the price
of of any ground rent or service charges because the cost of these will have to be added to
your expense column when you work out the numbers. And the good news is, most of these can be
researched from home by using the internet and the phone, and you will save yourself
a lot of time if you check these before you arrange any viewings. If you have any questions about anything that
I have covered in this video, then please leave
a comment in the box below or head over to monoperty.com/research. Please like and share
this video if you found it useful, and if it’s your first time to this channel,
then please click that big red subscribe button so you won’t miss any of my future videos
which are all be geared towards helping you start or improve your property business. Thank
you for watching, keep up the good work, and I’ll look forward to seeing you in the next
video. Bye for now.