The UK used to be a prime destination for landlord opportunities. That said, there has been some struggle here in recent times.
Renters have struggled to meet payments, and private landlords have even abandoned the sector altogether, no longer deeming it viable. If you aim to be a landlord, you will need to be strategic in your approach. Part of this involves choosing the right location with the most optimum prospects.
Essex is one such area worthy of your consideration. There are many reasons for this being the case, and we’ve detailed them for you after the jump.
Landlords aren’t loan wolves. While they can refurbish a property under the DIY approach, they need the time, talent, and resources to make it all happen. Few of them have all three.
That’s why it’s important to work with quality services that will make short work of property problems. Essex is full of them. For example, this Essex based electrician is on call 24/7, can answer emergencies diligently, and can do anything from fixing faulty light switches to completing house rewiring projects. This electrician in Essex is likely the only one you would ever need due to the adaptability of the service and the affordable prices.
Quality services can give you a greater backbone as a landlord. They can give you the confidence to back up grand claims to tenants about looking after them and their building. You can also answer any complaints from them readily, which can potentially keep them in the property for longer, thus paying you a steadier stream of rent money.
Range of Properties
As a prospective landlord, your property search is better served in an area with a varied range of properties. Fortunately, Essex ticks this box quite sufficiently, boasting affordable properties and luxurious abodes aplenty.
This is great news if you’re ever in the position of wanting to diversify your property portfolio without spreading it across the nation. When your properties are all stacked near one another, you can bounce between them diligently and maintain them more conveniently. It can also just be comforting to know that your properties are clustered together and that it’s subsequently easier to be in the loop logistically.
Of course, most areas in the UK have ‘rich and poor areas’ to show. However, the affordable areas in Essex are still perfectly pleasant neighbourhoods. With the exception perhaps of areas like Brentwood, average house prices can be found all over Essex. You’ll have a broader scope of potential tenants at your disposal in light of all this, too.
Close to London
Property prices can expectedly skyrocket in London, making it more difficult for landlords to establish a foothold. That said, Essex is right beside the capital, with a healthy price range, as already discussed.
This is an important factor. After all, people with jobs in the capital will likely live in surrounding areas but then commute to London for work, culture, and socialising. Because of this, Essex will always have a steady stream of people looking to rent property, making your position as a landlord more privileged.
Worry far less about vacant periods or your property appealing to the masses. Enjoy more consistent results as a landlord in Essex.