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Finding the right properties to invest in is not easy. Moreover, the perfect property itself is a rare find, and for most people such a find simply doesn’t exist. This is because the right property often depends on the type of investor you are.
So when it comes to finding the right property to invest in, much of your success will depend on how well you understand what it is you’re looking for.
These days, property developers cater to nearly every taste and need imaginable. Therefore, finding the right properties for you to invest in is far easier than you might think.
However, you have to know what to look for. If you’re not sure what that is yet, property developer and successful entrepreneur Phillip Nunn has some advice for you. We offer his advice here, including what he has to say about different types of properties, as well as the kinds of buyers and renters each is likely to attract.
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Are Flats the Right Type of Properties for You?
The most popular type of property for those purchasing their first home, flats are the perfect starter property. This is probably because they are more affordable and easier to maintain than a house.
Consequently, they are also ideal for anyone who is stepping out for the first time as a landlord. For starters, you’ll have more manageable outlays, making such an investment easier to weather alone.
Also, flats are more abundant in city centers. This makes them the perfect property choice for anyone who loves the vibrant atmosphere of inner city life, close to attractions and amenities.
So what’s the final word on flats? They are the perfect properties for those who are looking to invest in a city center. This is because as the owner of a flat, you’ll be more likely to attract lone renters, professionals, and city lovers. These are people who will be willing to pay premium prices for the right properties in the best locations.
Maybe Houses Are Better Investments for You
Perhaps you want to find your perfect properties outside of the city center. In that case, keep in mind that the majority of renters and buyers will be families and their needs will be different from those of city dwellers.
Because of the additional space, houses can accommodate families as they grow. This makes them far more practical as a long-term investment for any aspiring landlord. They also come with the green space that flats sorely lack—and which children and pets both greatly enjoy.
However, houses generally need more TLC than a standard flat does, mainly due to their size. This will make for greater maintenance costs for you as the landlord, so keep that in mind.
Are Conversions the Right Properties for You?
The conversion and repurposing of unused buildings is nothing new. However, it has certainly become more popular recently with both investors and buyers.
For those looking for something truly unique for their home or business, conversions offer style and character that simply cannot be matched by traditional properties. This wildcard of a property type will be the perfect development for landlords who want their properties to be real showstoppers.
Moreover, because of their unique nature, if you choose to flip or rent a conversion you will be looking at an impressive profit.
The only downside to conversions comes about when you are looking to carry out your own conversion, instead of purchasing a completed one. This is because a conversion can be a costly and time-consuming project.
You’ll need to invest a significant sum to make the buildings habitable. Moreover, you will sometimes have obtain building permits in order to carry out the necessary changes.
Once you know the right type of property for you, finding the perfect property can be as easy as one-two-three.