10 things to look for when defining your gold mine area
James Griffiths
Property Developer | HMO & SA Development | Portfolio Builder | Chartered Engineer
1 Population
Ideally select large towns or cities so you can acquire a number of properties
2 Rental demand
Look for areas with a high demand for rental properties. This can be indicated by low vacancy rates and high average rents. Areas with universities, hospitals, or large employers tend to have steady rental demand
3 Employment Rate
A strong local economy with a low unemployment rate is a good sign. This means people will be more likely to have the income to afford rent.
4 Schools
If you are targeting families as tenants, then you will want to look for areas with good schools. This will make your property more appealing to a wider range of renters.
?5 Property Prices growth
Look for areas where property prices are affordable but have good growth potential. Ideally you want to be sure that the value of your investment will increase over time.
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6 Transportation Links
Good transportation links are essential for tenants. Look for areas that are close to public transportation, major roads, or highways
7 Amenities
Consider the amenities that are important to potential tenants. This include things like parks, shops, restaurants, and cafes.
?8 Crime Rates
Use StreetCheck to investigate crime rates. This will make your property more attractive to tenants and will help to protect your investment.
?9 Future Development
Look at the local development plan to research any future development for the area. This could include things like new businesses, schools, or transportation links. These developments could lead to increased demand for rental properties and higher rental yields.
10 ?Investment Goals
Consider your own investment goals. Are you looking for a high yield or capital appreciation? Once you know your goals, you can choose an Goldmine area that is likely to help you achieve them.