Choosing an UK investment property is serious business and even that is an understatement. Whether it’s for business or for personal use, the job entails a lot of work and is riddled with complexities. Nonetheless, it’s one that needs to be done regardless.
LOCATION – When it comes to choosing an investment property, there’s no question about the importance of location. It spells a lot from convenience to safety to functionality. Depending on one’s needs, this will vary so be sure to understand yours.
VALUE – It’s no doubt that value varies diversely from one asset to another and the presence of various factors, including those in this list, play a role. Whatever the case, it is important to assess the current market value of the asset so as to determine whether its price point is reasonable and worth the trouble.
CONDITION – It would be silly to buy any asset that’s in bad shape. There’s always the chance to flip but even that can be risky and is left to experts who are not afraid to lose big. It is for this reason that buyers need to have the investment property surveyed beforehand to check for any hiccups.
FUNCTIONALITY – Depending on the intended purpose of the asset, the compatibility between an asset at hand and one’s requirements will vary. For instance a house will not be bought for the same purposes as an office and vice versa. It is an important consideration for obvious reasons because why waste your money on something you don’t need or won’t live up to your requirements?
FEATURES – Each asset is unique as they say. Others will have special details or features that some won’t. Much like functionality, these features are to be considered but apart from needs, these can satiate wants too. For example, a garden or a pool for a house or a two floor parking space for a commercial building.
USEFUL LIFE – The longer the remaining useful life on the asset the better. This means that in terms of functionality and value, it still has a lot to go and will be able to serve you longer.
SAFETY – Last but not the least, safety is a very crucial factor to check and assess when choosing an investment property. It is important to safeguard both possessions and people and not to mention that this here affects the asset’s value and attractiveness.