When you’re searching for a property you need to understand the needs of the potential buyer or tenant who will be occupying your property. There are a series of questions you need to ask yourself to ensure that you have a ready market for your investment.
What is the target market for the property?The difficulty in obtaining this information will ultimately be based upon familiarity and understanding of the area. In modern day society it is difficult to pigeon hole long held views such as ‘Students prefer to reside in bedsits’, as students often form a partnerships nowadays to rent a 4 bedroom house. Furthermore, the property requirements for a specific market will often change throughout the country as many towns and cities will have different attributes.
The most efficient way to gain the correct information relating to your area is to request the help of local estate and letting agents with reference to location and market requirements.