Every estate agent and anyone who knows anything about the real estate market will tell you location is the most important thing about a property. Among the many benefits a sought-after location provides, perhaps the most important aspect to consider is that a great location translates into a lot of potential for renting as well as reselling.
Therefore, it’s not a surprise that location remains the guiding light for real estate investors in Stratford also.
In this article, our estate agents in Stratford are taking a closer look at how location can impact your real estate investment and what you can do to choose a property in the best area and, thus, secure your profit.
What you can find in this article:
- Why Is Location So Important?
- What Makes a Location Great?
Why Is Location So Important?
With everyone on the same page about the location being the most important aspect to consider when buying real estate, it’s important we first look at why real estate location is considered so paramount.
Perhaps the most notable thing about location and the main reason it’s considered critical in the purchase of a home or investment property is that it is something you cannot change.
Provided you stick to the rules, you can change what a home looks like or even add bedrooms, bathrooms, and storeys to it. But you can never move it from its place.
Similarly, you can make a property stand out with all the latest bells and whistles. But if it’s located in an unwelcoming neighbourhood, you can’t change where it is. So, your chances of renting or reselling the property drop as renter or buyer interest in the unwelcoming area will be low.
Therefore, where the property is will be of utmost importance and should be first on your list when considering a purchase.
On the other hand, you should also factor in that a good location typically has a limited property inventory and is also desirable to other purchasers. This means that supply is low but demand is high.
Consequently, any property in a good location will have a higher price tag.
However, there is still a silver lining to all of this. Namely that you don’t necessarily have to choose a property in an area everyone wants to buy in. With a little research and support from a good Stratford estate agent, you can purchase a property at a lower price in a location that has future potential.
In fact, this is one of the main tactics real estate investors use to secure their ROI.
A neighbourhood that is now not at the top of everyone’s list but is very likely to become a property hotspot in the coming years will allow you the luxury of paying less for a property as demand is not yet high. As the neighbourhood develops, you will see the value of the property go up as renters and buyers flock to benefit from all its amenities.
Our estate agents in Stratford recommend you always consider what a neighbourhood will look like in 5 to 10 years when investing in a property.
What Makes a Location Great?
The golden rule for a great location is that it must have access to great transport links and good schools, offer plenty of amenities, and have a positive community feel.
Most real estate investors in Stratford consider transport links an essential amenity. Our Stratford estate agents can confirm that demand is much higher for properties located near Underground stations, railway stations, and on the main bus routes.
Stratford is located in the Newham Borough of East London and offers connections to the London Underground, Overground, DLR, and the Great Eastern Main Line of the National Rail. It is also very close to London City Airport. With so many options, finding a property with good transport links in Stratford is not difficult at all.
Easy access to amenities like restaurants, shopping centres, dry cleaners, grocery stores, but also entertainment venues and hospitals is another important factor. According to our Stratford estate agents, the savviest real estate investors always choose properties that rank high in this category.
The reason why is simple. Renters and buyers alike are more likely to consider a property that offers many of the main amenities they need either at their doorstep or within close proximity. This drives the property value up and translates into more profit for you in the long run.
Schools are also high on the list of amenities most renters and home buyers look for. Therefore, to drive your property’s value up, you should consider a location that offers access to the highest-rated schools in the area.
East London has no shortage of good schools, and our Stratford estate agents consider Stratford one of the best areas to buy a property for young families with children and a great school district.
A quiet, tight-knit neighbourhood with plenty of green areas and community spaces is sure to be in high demand. Therefore, before buying an investment property, our Stratford estate agents advise you spend some time in the areas you are interested in. You will be able to get a feel of the community and get a better impression of how it can impact your property’s rental price or resale value.
Alternatively, you can enlist the help of an experienced local estate agent. They will be able to tell you what Stratford areas are the most sought-after and which have a higher potential for development.
Speaking of potential, our Stratford estate agents consider the area’s growth potential one of the most important factors that can determine a property’s value.
Deciding to purchase in an area that is not yet in high demand can certainly pay off in the future if the neighbourhood is under development. This is because when you buy before the neighbourhood takes off, the price tag on the property will still be low. Then, as the area develops and interest from renters and buyers increases, your property’s value will considerably go up.
How to Choose a Great Location?
Here is what our estate agents in Stratford recommend when it comes to choosing a property’s location on top of the factors discussed above:
- Research the area yourself – spend some time in the area at different hours of the day to get a feel of what the community is like, how busy it is
- Research how convenient and close transport links to the city centre and the business district are
- Visit a few schools, see how far grocery stores and other amenities are
- Talk to the locals – engage with local residents to see what they think about living in the area
- Choose a local estate agent – estate agents in Stratford know all the good and bad secrets of a location and are an invaluable source of information when it comes to the area’s future potential and the locations that can secure the most profit
- Arrange various viewings to assess the pros and cons of each type of property available in that location
Our estate agents in Stratford also recommend you consider these aspects:
- Make a budget considering both your finances and the current real estate market trends
- Make a list of ideal features you would like the property to have
- Carefully assess the current condition of the property to determine whether it requires significant renovation works that may impact your budget
- Consider the age of the property as it can impact the resale price as well as the upkeep and insurance costs
If you are planning to purchase a home or an investment property in Stratford, contact our experienced estate agents in Stratford to secure the most profitable deal. You can reach us anytime at 02070550441