When it comes to buying property one of the key factors that should influence your decisions, is what buyers and tenants are looking for. Keeping this in mind throughout the process, will help you to choose projects that have the potential to deliver the greatest return and market your property effectively.
Commuter links have long been a key factor when deciding on where to live. Nobody wants to sit in rush hour traffic for hours on end or struggle with public transport because of poor links. From getting to the closest shopping destination with ease to visiting family, transport networks are essential for both buyers and renters. However, its links to work that consumers are most concerned with.
Research from AA Mortgages revealed that a change of job was the biggest reason for Brits deciding to move home, significantly surpassing making a profit from the housing market. For almost a quarter (23%) a new job was the catalyst for searching for a new property to buy, it’s likely that a similar factor drives renters too.
So, what does this mean for property developers and landlords?
Homeowners willing to move for their new job will want the easiest possible commute to work while still living in a desirable area. It’s a factor that should be taken into consideration when looking where to invest your money. Ask yourself what companies are there close by, how far is the property from the train station, whether it’s well connected to a motorway, and other transport questions.
Looking at the opportunities within a local area should be a step you take too. For example, if a big company announces it’ll be relocating its headquarters, it could be larger profits to snap up properties that will appeal to workers taking those new positions that are about to be created or relocating to continue in their current role.
With work a key factor in the moving decision for many homebuyers, it highlights just how important it is to mention the attractive qualities of your project in terms of commuting in your listing. Mentioning excellent train links to a nearby city or a double driveway and easy access to the motorway could be just what you need to encourage potential buyers to view your property for themselves.