Have you decided that your financial future lays in property investment? If you’ve concluded that investing in property could be a good move to make, then you may be wondering about the best way to ensure that your investment pays off.
A step that many landlords swear by is investing in a block of flats or choosing to convert a building into flats. This is because the rental potential is much higher from multiple properties than it is from a single property, and buying multiple houses all at once is unlikely to be affordable. Whereas, investing in a block of flats or a property that has the potential to be turned into flats tends to be much more affordable.
Bearing that in mind, you may be considering building an apartment block to rent out, or converting a large building into one. To help make the process as simple and straightforward as possible, below is a guide to the ins and outs of this process that you should be aware of.
Planning permission is vital
One of the most important factors to be aware of is the need for planning permission. Before you can construct or convert any building, adequate planning permission is required. So it’s important to ensure that any plot of land that you invest in, you can get planning permission for. Take the time to look into this, and you can determine whether it will be possible to get the planning permission that is required.
Think about the design
If you are going to build flats as rental properties, it’s important to take the time to think carefully about the design. After all, it’s not your tastes that you need to cater to; it’s the tastes of your future tenants. What it’s important to remember is that your property needs to appeal directly to your target demographic, and fit their needs completely. For instance, for flats designed for families, a lift is a vital feature - you can learn more about installing one by looking into Lift Works lift installation services. If you want to ensure that you make a profit from your properties, it’s vital that you think carefully about the design.
Be smart about the location
When it comes to location, it’s easy to invest in a cheap property just because it’s cheap. But the fact is, if you want your flats to offer you successful rental potential, you need to be mindful of what area they are located within. The fact is that there are certain areas that tend to be more popular than others when it comes to choosing a place to live, so it’s worth determining where these areas are so that you can purchase or build property within them. You could have an amazing building that’s modern and smart, and affordable too, but if it’s not in a ‘nice’ area, you could struggle to find tenants.
There you have it, everything that you need to know about the ins and outs of building an apartment block to rent out.
Featured Image from Shutterstock / By kurhan