It’s an exciting time for property purchases in Manchester.
While most British houseowners are hesitant to sell due to Brexit, there was an unexpected property market boom in the north of England. Prices are growing at an impressive rate at the moment.
If you’re an investor, this is an excellent time to buy property in this vibrant city. Should predictions prove true, you can sell your property
a few years from now at a considerably higher price. But Manchester’s economy is growing rapidly, so buying property in the city is also of interest to anyone looking to start a new life and a new career.
However, there are some risks to keep in mind. Let’s take a quick look at a few ways you can ensure a safe investment.
1. Have a Solid Plan in Place
First, you want to know exactly what kind of investments you need to make. When are you planning to put the house on sale? Do renovations fit in with your timeline, or are you better off with a property that’s ready to move in?
Look over your current investment portfolio. While Manchester is one of the best UK cities for property investments, the usual risks are still present here. Make sure you have the means to purchase and maintain a new home.
2. Speak with Experienced Agents
Even if you have some experience with buying property, it helps to consult with professionals who know the city well. You can get in touch with reliable and affordable online estate agents who are based in Manchester. It’s important to work with professionals who have experience with navigating the city’s current trends.
Investors from the US, Canada, and the Far East are happy to buy property in Manchester at a wide range of prices. This means that you have quite a lot of competition, and it’s important to choose the best houses available for your means. With a seasoned agent, you can be sure to make full use of possibilities that Manchester has to offer.
3. Choose the Right Neighbourhood
Where in Manchester do you want to purchase your new property?
If you’re looking for a house to live in, you can be guided by your own preference or needs. For example, you can focus on neighbourhoods which boast highly-priced schools or excellent public transportation. But if you’re hoping to let, you need to choose a location that will attract good tenants. Or if you plan to resell very quickly, it’s important to keep current buying and selling trends in mind.
Here are a few of the best Manchester locations if you’re buying to let or re-sell:
• The immediate vicinity of the University – this location offers excellent job opportunities or lets you let exclusively to students.
• Ancoats, Green Quarter, New Islington, or Ludgate Hill – these parts of Manchester feature period details, like the cobbled streets. This makes them especially appealing to young tenants or anyone from abroad hoping to rent a house here.
• Castlefield – once again, an excellent spot for tenants or buyers who are looking for job opportunities.
But the best neighbourhoods for you will depend on your short-term and long-term plans. Hence, it’s best to speak to your agents before you make a decision. Agencies that provide services like online house valuation are useful because they know the upsides and downsides of every location in the city.
4. Prepare for the Worst
Careful vetting and expert advice do a lot to mitigate the risks of investing. But unfortunately, you can’t predict and prevent everything that can go wrong.
There is always a chance that reliable-looking tenants turn out to be untrustworthy. All properties are at some risk of fire or weather damage. So it’s important to have plans in place for each worst-case scenario.
Investing in property insurance and mortgage protection insurance is crucial, both for your protection and your tenants’ peace of mind.
You should also have scripts in place for dealing with bad tenants. If you notice that the rent is late or that your property is getting damaged, you need to act quickly.
5. Keep Up with Any Future Changes in the Market
Though you need to have a plan in mind, it’s also important to stay as flexible as possible. The UK is going through some major changes right now. As an investor, you’ll need to keep up with property market changes.
You can’t be sure what the future will bring. If necessary, you need to be willing to sell on short notice.
Manchester – An Investment Haven Despite Brexit
Manchester is one of the best cities for prospective investors. Since it’s gaining in popularity, the price of real estate is rising steadily. So why not head over to our online property auction
? You can start building your future in this city right away.