Why is property location so important?
Majority of people realise the importance of location when buying a property in the UK, whether it’s a property to live in yourself or a property to buy as an investment. The reason people consider the property location to be important is because of the need to be near local amenities, have good transport links and a desirable neighbourhood. It’s often said that you can change the condition and appearance of any property but you cannot move a property to change its location. However, it’s important to find out whether these changes to a property’s condition and appearance are actually feasible in that location with reference to local planning regulations and restrictions. As a result, we believe it is equally as important to consider any future plans for the property when you are considering it’s location. It is this latter point which is often overlooked when it comes to reviewing a property location…
Local Amenities, Transport Links & The Neighbourhood
For a property you want to live in yourself, as a buyer you will want to make sure there are local amenities or schools nearby, good transport links to where you need to go either for work or leisure, and be in a geographical area that is close to friends and family (or far away from them depending on how you get on with your relations).
It would also be sensible to consider the desirability of the area and what the neighbourhood is like. Don’t forget that areas can change from season to season with different local events. These seasonal changes can affect the neighbourhood in either positive or negative ways… if there is a music concert across the road every summer your view towards this may vary depending on your taste in music! It is also good to consider if there are any planned neighbourhood developments and what the area is likely to be like in several years time. If there are new developments planned for the area the type of development could have either a positive or negative impact on you and your property. All of these factors will impact both your quality of life whilst living in the property and they will impact how property prices change, which will be relevant at the point you wish to sell the property.
For an investment property that you wish to rent out you need to consider the type of tenant that will stay in your property and what local amenities they need. If you wish to rent out to university students you should make sure there is a university nearby…. and when we say nearby, it would be important to establish how far away
the average student is prepared to be from their campus. If the property you are considering is further than this you might find that you struggle to fill it with students (unless you offer a bespoke 24/7 taxi service as well). If you want to create a house of multiple occupancy (HMO) to provide long term accommodation to young professionals, it would be sensible to make sure there is a need for this accommodation in your area. Things to consider are whether there’s a hospital nearby, large business park or shopping area. If you want to set up your investment property as a serviced accommodation property offering short-term accommodation, it would be important to establish if there is a need for this. For example, is the property near tourist attractions, in a holiday destination, close to popular seasonal events or in an area populated with hotels. Similarly, for when you wish to sell the property it is important to have considered all of the factors mentioned in this section, as it will impact future property prices.
Future Plans & Planning Regulations
For a property you wish to modify or develop in some way, either for your own use or for an investment property, it’s a good idea to consider whether this is feasible in that location and on the property’s plot. We’d suggest considering this before you buy as it will make your expectations more realistic. For example, if you wish to create an open plan living-kitchen area which will require an extension or you wish to build a garden office away from the property, it is firstly important to consider if there is feasibly enough space to do so on the property’s plot. Secondly, it would be sensible to check the local planning regulations to establish if the property is a listed building, or is in a conservation area or other site of special scientific interest etc. Otherwise, you could find your plans need to be altered or in the worst-case, aren’t possible at all.
This also applies to investors who may wish to develop a property or modify it in some way for their tenants. For example, if you wish to convert the property into a house of multiple occupancy (HMO) you will need to consider what requirements may be needed for a change of use class or for an HMO license if required.
Again, the local planning regulations will determine what requirements are needed to make these modifications or if it’s possible to make these modifications at all. Depending on a property’s location there may be additional costs required to make these modifications and we believe it’s essential before investing in a property to understand these potential costs. Across the UK local planning regulations are largely similar but they do vary from county to county. They also vary within a county so it’s important to check with the planning authority that is local to the property you wish to modify.
Summary of factors to consider when choosing a property location:
Local amenities nearby
Transport links
Local schools
Desirability of area and neighbourhood
Seasonal changes in neighbourhood
Development and planned changes to neighbourhood
The property’s plot
Local planning regulations and your future plans
Here at Doormarked we recognise the importance of local knowledge and how it can help improve the house buying and selling process for both individuals buying for their own use and for investors. Our independent property advisors (IPAs) are property professionals who have experience and expertise in specific property strategies. By finding you an independent property advisor (IPA) who is local to you AND has expertise in the strategy you need, we can help you to overcome any property challenge you may be faced with. Our team is ready to help you find your IPA! Use Doormarked today to find your independent property advisor (IPA) who will work with you to achieve your property goals, overcome your property challenges and deliver you with better outcomes.
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