Buying in a new area?

Discussion in 'General Property Investment Discussion' started by Michelle Barringer, Jan 5, 2017.

  1. Michelle Barringer

    Michelle Barringer Member Forum Partner

    Hello,

    I am looking at buying an office to develop into resi in an area i don't currently know very well - i have already contacted local agents to learn more about the rental market demands and checked out the location of the building in relation to the town centre and travel links.

    Can anyone give me some ideas of what else i need to check out please?

    Thanks

    M
     
  2. realdeals

    realdeals Member

    Check out the local economy and employment market. I presume you are looking to rent out the property - what is your target market?
     
  3. Nicholas Wallwork

    Nicholas Wallwork Editor-in-Chief Staff Member Premium Member

    Also check recent sales comparables for the units you're going to build... so you're covering rental and sales demand...
     
  4. Michelle Barringer

    Michelle Barringer Member Forum Partner

    Thank you - i have contacted local agents for more info about the rental / sales market (to no reply yet) and will also check out employment in the area.
     
  5. nmb

    nmb Well-Known Member

    Also consider the national economic outlook as this will impact local markets.
     
  6. Brooke Winn

    Brooke Winn New Member

    While buying property in a new area one must also ensure all the facilities available must fulfill your requirement.
     
  7. Michelle Barringer

    Michelle Barringer Member Forum Partner

    What sort of facilities - the area i am considering has good access form Rail and road and house prices are high - what other factors would you consider important please?
     
  8. Belinda Grashion

    Belinda Grashion New Member Premium Member

    Hi! Team BG here!
    We love commercial deals here at Belinda's HQ! Good luck with it! I'm not sure if this will help but we recently put together 'Your Ultimat Sourcing Guide'. It can be found here: https://belinda-grashion.clickfunnels.com/optinua81n9q4
    This is mainly aimed at residential properties but you might find some of the content and forms useful.
    I really hope this helps!
    Good luck with your property journey! :) xx
     
  9. diyhelp

    diyhelp Member

  10. MarkOBC

    MarkOBC New Member

    Another thing to check (depending on your build / completion timescales) is whether there are any other big development happening nearby. It relates to some advice above... a massive new development will flood the supply, and depending on what is unique about your offering, could make it hard to sell.
     
  11. diyhelp

    diyhelp Member

    That is a double edged sword because if you make your property "unique" then you may only be appealing to a relatively small section of the local population. In principle it is the right thing to do, but dont cut yourself off from the wider market and discourage competition among those who might be interested. This is probably where experience comes in :)
     
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