S02E03: How To Make Money From Your Property
The Property Podcast with Wards Estate Agent
Thursday, 17 October 2024 - 36 minutes
THE PROPERTY PODCAST with WARDS ESTATE AGENT SERIES 2
Episode 3 - How to Make Money from Your Property
Key Discussion Points:
Long-Term Family-Oriented Tenants vs. High-Income Transient Renters
- Properties in family-centric areas often attract long-term tenants.
- Premium locations tend to draw high-income but transient renters.
Business Approach to Letting Properties
- Rental properties should be viewed as businesses.
- Compliance with safety regulations is crucial (e.g., electrics, gas).
Renovation and Investment Strategy
- Keep improvements classic and neutral for broad tenant appeal.
- Avoid over-personalising renovations.
Types of Property Investments
- Investors may seek either capital growth or immediate rental income.
- Understanding financial goals is essential (capital appreciation vs high yields).
Challenges of Renting by Room
- Requires careful consideration of licensing laws and occupancy rates.
- Increased management workload needs thorough calculation for viability.
Importance of Professional Advice Despite online resources, consulting a lettings expert can prevent costly mistakes.
Choosing the Right Property Consider demographic stability; less desirable areas might offer stable prospects.
Maximising Land Value
- Introduce developers familiar with local planning systems.
- Explore options beyond residential development e.g., commercial uses or retirement facilities.
Timing & Planning Applications
There’s no universally best time; appropriate developer submission optimizes value.
Future Prospects & Government Influence:
Optimism due to government policy changes emphasizing certain development areas.
Detailed Insights:
Local Planning Authorities (LPAs)
- Governed by National Planning Policy Framework dictating housing needs in specific areas.
Selecting Developers
- Choose developers who understand local authority regulations.
Land Separation for Private Individuals
- Subdividing land creates additional opportunities but requires awareness of tax implications.
Investment Opportunities in Kent
-Factors include resale values constraints like flooding risks regulatory limitations Greenbelt AONB etc
For more insights into selling your property effectively within Kent’s dynamic market,
visit wardsofkent.co.uk for free online valuations or book an appraisal today!
To listen to other episodes in the series, please head over to www.im-listening.co.uk
or wherever you listen to your podcasts
