Investing in property is one of the most reliable ways to generate long-term wealth. With the increase in new builds and property growth in Manchester, it presents an excellent investment opportunity for potential property buyers. However, investing in property can be complex and time-consuming.
With so many options available, it can be challenging to identify the best investment opportunities. In this blog post, we’re going to share our insights into the top 5 tips for identifying the best investment opportunities in Manchester city centre.
Choose a desirable location
Location is one of the most important factors when considering an investment property in Manchester. Locations that offer good public transport, education, shopping, and leisure facilities are always desirable. Manchester’s property market has seen consistent growth over the last five, 10, and 20 years. Between 2001 and 2021, Manchester property prices increased by a whopping 378.96%, which is the highest 20-year growth rate.
Research the developer’s track record
Thoroughly researching the development company is essential before investing in new builds. You should check the developer’s track record, past projects, and their reputation in the industry. If possible, try to visit the completed projects to gain an insight into the quality and finish of the build. Rightmove lists many new builds and developments for sale in Manchester.
Consider the cost and returns
Investors should carefully consider the investment cost, including purchase price, renovation costs, taxes, and other fees, and calculate their potential yields. Manchester’s property market is experiencing significant growth, and while the average Manchester property initially started at £182,906, it rose to £200,242 in December 2020, a percentage increase of 9.48%.
Identify your target market
Before investing in any property, it is essential to identify your target market, including renters or homebuyers, and cater to their needs. Manchester has seen significant growth in the new-build sector, accounting for 5.5% of all new properties sold across England in 2022.
Find a reputable agent
Reputable estate agents are well-connected and have access to the latest market insights and the best investment opportunities. Find an agent who is honest, trustworthy and has extensive experience in property investment.
Be realistic with your goals:
Property investment requires a long-term view and a realistic approach. Your investment goals, including your expected returns, should be based on real-world data and market analysis.
Financial management: Ensure you have adequate funding and have access to expert financial advice. Plan to keep enough funds available in case of rental voids or unexpected maintenance costs.
Property management: Even if you plan to manage the property yourself, consider using a professional property management service to ensure that all legal and regulatory compliance is met.
Investing in property can be highly profitable if approached with care and diligence. With the increase in new builds and property growth in Manchester, it presents a great opportunity for investors. Consider these top 5 tips before making an investment decision, and ensure your decision aligns with your investment goals. Remember to conduct thorough research, consider demographics and location, review the developer’s track record, consider cost and yields, and work with trustworthy agents and professional services.
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