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Buying in a new area?

  • Thread starter Michelle Barringer
  • Start date
M

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
 
R

realdeals

Active Member
Check out the local economy and employment market. I presume you are looking to rent out the property - what is your target market?
 
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...
 
M

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.
 
N

nmb

Well-Known Member
Also consider the national economic outlook as this will impact local markets.
 
B

Brooke Winn

New Member
While buying property in a new area one must also ensure all the facilities available must fulfill your requirement.
 
M

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?
 
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
 
M

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.
 
D

diyhelp

Active 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 :)
 
R

realdeals

Active Member
I would also like to add one more consideration to those going down this route - will you be able to get local authority approval to convert from business to residential use?
 
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