Podcast Summary
Contact local letting agents for insights on parking importance: Investors should contact local letting agents to understand the significance of parking in their potential rental markets.
The importance of parking when buying a property for potential rental depends on the specific location. Some areas may benefit significantly from having parking, while others may make no difference. To determine this, Rob recommends contacting local letting agents for their insights. During the episode of Ask Rob and Rob, a listener named Charlie from Manchester asked about the significance of parking when considering a buy-to-let property. Charlie had previously considered purchasing a two-bedroom flat but backed out when he discovered the owner had sold the parking space. Rob acknowledged that there isn't a definitive answer to this question, as it depends on the specific property and location. In some areas, parking can be a valuable asset, especially in densely populated urban areas where parking is limited. In contrast, in other locations, parking may not be a significant factor. To help listeners make informed decisions, Rob suggested contacting local letting agents to gather their insights on the importance of parking in their respective markets. By doing so, individuals can make more informed decisions when considering properties for potential rental investments. In summary, the importance of parking when buying a property for rental purposes is dependent on the location. To gain a better understanding of this factor, Rob advises contacting local letting agents for their expert opinions.
Impact of Parking Spaces on Rentability: When refurbishing a property, the remortgage amount is based on the property's end value, not the costs incurred during the process. Research and consult multiple agents regarding parking spaces' impact on rentability.
When considering purchasing a property and deciding on whether to include a parking space, it's important to inquire about its potential impact on rentability. Mentioning the option of a parking space to potential letting agents could potentially lead to higher rent and easier lettings. However, it's crucial to research and consult multiple agents before making a decision, as one may provide incorrect information. Regarding adding procurement costs to a property's value after refurbishment, the key takeaway is that the remortgage amount is based on the property's end value, not the costs incurred during the refurbishment process. Therefore, it's essential to consider the property's worth after improvements before attempting to remortgage. It's also important to consider all expenses before starting the refurbishment project.
Don't forget additional costs in property investment calculations: Include conveyancing, stamp duty, and other related costs in property investment calculations to accurately determine potential returns
When calculating the potential return on a property investment, it's crucial not to overlook the additional costs such as conveyancing and stamp duty. These expenses can significantly impact the amount of money you can recoup at the end of the investment. The initial investment amount itself may not be relevant to the end value, but it plays a significant role in determining the return on investment and the eventual payout. Therefore, it's essential to include all costs in your calculations to avoid disappointment when it comes time to sell or refinance the property. So, always remember to factor in conveyancing, stamp duty, and any other related costs when running your investment calculations.
