11th January 2019
Choosing a buy-to-let property in Chester that will appeal to tenants
Choosing the right investment property is key if you want to minimise rental voids and secure a good rent. A good buy-to-let investment is one with low maintenance and strong tenant demand so it’s important to understand what makes the best buy-to-let properties in Chester before starting your property search.
Location, location, location
Buy-to-let properties that are close to schools, near a station or close to Chester University (if you are considering a student let) will always have strong tenant demand. There are many young professionals and young families looking to rent property in Chester who are willing to pay that little bit extra to live right in the hub of the city, or at least close to a train station.
How much space?
The amount of space will depend on the type of tenant you want to attract. Open-plan kitchens are rated more highly by young families. Whereas a single young professional is likely to favour location over space.
Storage is a key concern to all tenants, so consider where they might store bulky items such as vacuum cleaners and mops, as well as their linen and towels. Cupboards may need to be built once you have purchased the property, but it will give you a better chance of attracting tenants in the long run.
Flat versus house
Both flats and houses rent well in Chester with two bedroomed furnished flats being perennially popular. Students are opting for good quality smaller house shares (3-4 bedrooms), ideally with en-suite facilities and bills included. Young families tend to prefer houses due to the outdoor space they offer. If you are considering purchasing a flat as a buy-to-let, consider the ongoing service charges of the building and ensure that the Management Company keep the communal areas and exterior of the property well maintained – both of these will create long-lasting first impressions.
To furnish or not?
There is no hard and fast rule to this and it’s worth speaking to our lettings team who can provide recommendations. Much of it will depend on the kind of tenant you want to attract. Modern houses or apartments that appeal to ‘burden free’ professionals tend to rent better when they are fully furnished, while a larger family home is better left unfurnished, allowing families to personalise the space with their own furniture.
Students to tend to move on each year during their studies and don’t want to have to move furniture each time, so having the basics furnishings, such as bed, sofa, TV etc. would appeal well to the student market. A good internet supply is also vital for students.
It’s all in the presentation
Whether you are buying a brand new property or are looking to do renovation before renting it out, first impressions really do count.
Good decoration and cleanliness is absolutely key to attract good tenants. Ensure that all fixtures are well maintained and that any appliances that you put in the property have the relevant safety certificates. Modern kitchens and bathrooms with white suites will always make a property more lettable.
Finally, when you have secured the right buy-to-let property, you’ll want to carry out effective advertising that appeals to the right market. Here at Matthews we advertise all our rental properties on our website, Rightmove and OnTheMarket as well as across social media. We also have a large database of tenants looking for rental property and we proactively keep up to date with their requirements; enabling us to quickly match your property with the right tenant.
Contact us today for advice on choosing the right buy-to-let or to market your rental property with us.