Why location is so important when choosing where to invest in property
Should you worry about location?
Yes, is the obvious answer to that question. However, there are many instances where people have bought a property without giving its location any real thought.
How many young couples have bought the ‘house of their dreams’ without thinking of the future? They move in without children, but when children come along, unhappily they realise there are no decent schools in the area. Or worse, there are no schools in the area whatsoever. How many retirees move to a seaside town they have enjoyed visiting for holidays only to realise there are no decent transport links and hardly any support for them when they get older?
These are just two examples where location has not been considered as an important consideration when the property was purchased. You might consider these examples a little extreme, but we aim to underline a crucial point: that location should be paramount when buying a property, and this applies whether you are buying a property to live in, or buying a property to let out to tenants.
Buying to live in
If you are buying a property to live in, you will choose a location that suits you and caters for all your needs. If you are a couple who have no children or the children have all left home, then you will not be too worried about the quality of schools in the area. You will want to be reasonably close to basic amenities like food shops and decent restaurants, while reliable transport links to other parts of the city will also be vital.
However, if you are a young couple with a young family, or you are planning to have a family, you will be looking for a property within easy reach of schools and recreation areas, such as parks and playgrounds. Your priorities at this stage in your life will be completely different to the priorities of a person about to enter retirement.
Buying to let
The location is just as important when you are investing in a buy-to-let property. The only difference is you will have to imagine what kind of tenant you are looking for and what their needs will be. And remember, their needs may be very different to yours.
Young professionals will naturally want good transport links to allow them to travel to and from work easily and quickly. They may also want a good local pub, perhaps a park, and a nearby gym. A young professional may not plan to stay in the area long-term and raise a family. They may want to move to another area to do this. However, others may wish to stay, so schools and other child-friendly amenities will be important to them. So, the location of your property must be able to provide these as well.
You’ll also want to pick a location where property prices are still good value, but where there is potential for capital growth and strong rental yields. It will always prove useful to talk to local agents to find out more about the market, the rent you might expect, and the house prices. Investors will have certain priorities, and location must be one of them.
Because we believe location is so important when you choose an area in which to invest and buy property, we offer four prime locations close to the centre of London. These areas are Islington, Stoke Newington, Highbury, and Newington Green. These locations tick all the boxes regarding the amenities we’ve just mentioned.
All four areas have streets which offer a variety of independent shops and restaurants. Upper Street in Islington attracts people who are looking for good restaurants, bars, coffee shops, and entertainment venues. And Stoke Newington is fast catching up with Islington in this respect. All four areas also have a good range of secondary and primary schools.
There is no shortage of open space for people to enjoy. Highbury Fields covers 11 hectares and offers recreational facilities for children. Stoke Newington has the excellent Clissold Park right on its doorstep, which covers over 22 hectares. This extensive park provides a wide range of amenities for all ages. These include a children’s playground, bowling green, tennis courts, and a café. Newington Green also has its own little green oasis in the shape of Newington Green Park.
Transport links to the rest of London
The beauty of these locations is not only do they have plenty of amenities in the shape of restaurants and bars, but they have excellent transport links to the main entertainment districts of Covent Garden and the West End. This, along with the City of London with its commercial centre, is only minutes away.
For further guidance on any aspect of choosing a property or a location when thinking of buying a property to either live in or as an investment, please get in touch today, and we will get the ball rolling for you.