Properties with home comforts make great investments. Naturally, both renters and owner-occupiers want where they live to feel like home. When looking to invest in a property, whether as an owner-occupier, tenant, or investor, keep in mind that good homes are what make great investments as these types of properties were designed to be lived in.
Here are eight features that make a great property investment. This list can help you decide what areas to prioritise in your next home.
Location, location, location
Location has long been viewed as a key factor to finding the perfect property. When choosing a home, location is considered the second most important factor, behind only affordability, in Knight Frank’s Tenancy Survey for 2019. As connectivity is a popular priority, a property with great connection to roads and public transport links, especially in city centre locations, is likely to be more desirable.
Properties in areas with growing employment opportunities, making it possible for you or tenants to have a short commute to work, is in high demand. For family homes, proximity to quality schools is likely to be important to parents. And for students renting, many prioritise being close to their university’s campus. Location of a property is a top priority for most people, and it’s important to decide what location is most important for you to call home.
Having on-site amenities and amenities in the surrounding area is another feature many Britons wish to have in a property. Nearby parks, pubs, restaurants, and cinemas, especially within walking distance, can also attract renters and buyers to a property. Many Brits are even looking for access to amenities right on site developments.
In Knight Frank’s Tenancy Survey, gym and weekly cleaning are two of the top five amenities tenants would pay more for. Access to a pool, cinema, and co-working space are other attractive amenities. These features in a property can also help create a community feel, which is likely to contribute to tenants and owner-occupiers staying put for longer.
Access to outdoor space
Many Brits dream of having a private garden, but a property close to green space or with communal outdoor space can offer a great second best. Studies have shown living close to green space is linked to greater happiness and better mental health.
Gardens are found to be the second top priority for house-hunters, according to recent data from Zoopla. And both “garden” and “balcony” are the fifth and eighth top keywords potential tenants are most likely to use when searching for a new home.
A balcony can also provide personal space outside, which can boost happiness and access to natural light. And balconies often have the added bonus of offering attractive views people can enjoy from their home.
Strong Wi-Fi connection
A poll by international law firm CMS revealed what city dwellers want in their living environments across Europe, and strong WiFi coverage was found to be the most attractive feature in a property. With a digitising world, fast internet and a strong WiFi connection is important to a lot of us, especially as remote and flexible working is becoming more popular.
Students also need strong WiFi to help them do their coursework. It might be worth checking what type of broadband is available in the area you’re looking to buy, rent, or invest in.
Properties with environmental measures are becoming more in demand as well. In the study by CMS, environmental measures were shown to be another important priority for city dwellers with electric car charging points and smart meters being the second and fourth most desirable features. As more people are becoming more environmentally aware, this is likely to become an even bigger priority in the coming years.
Safety and security
It’s important for anyone to feel safe where they live. It might be useful to look at crime statistics for where you’re looking to live or invest in. See if criminal activity is moving up or down. Secure properties, bicycle storage, and package lockers are benefits many tenants and owner-occupiers desire to keep themselves and their belongings safe.
Unique features in a property can create a great sense of place. People are likely to want to live longer in a property or development that has a strong identity and has a good community and home feel. What makes a place special or unique can foster a sense of pride where someone lives, which can improve happiness.