With house prices in Kidderminster continuing to rise, up 3% in 2017 over 2016, the deposits for those looking to purchase their first home are rising higher and higher. The knock-on effect is meaning that more potential buyers are turning into renters and despite the Government trying to restrict the private rented sector market, it’s going from strength to strength.
With Kidderminster continuing to make vast improvements to housing availability, renovation of the centre and infrastructure (click here for our blog on Kidderminster’s changes) we’re expecting an increase of landlords and renters in the area. But what do you need to know before investing in the area? We highlight the key benefits of Kidderminster and some top tips below. Want to know how to keep your properties covered? Contact Coversure Kidderminster by calling 01562 227 532 or click here for our full contact details .
The Benefits Of Purchasing Property In Kidderminster
Thankfully, if you’re looking to invest in property in Kidderminster you’re targeting a strong market at a rewarding time.
Kidderminster’s Stable Housing Market
The United Kingdom’s prices have been in vast fluctuation over the past 18 months, with some areas posting abnormal highs in price rises and others resembling a market crash. Thankfully, Kidderminster has been settling around the middle, weathering the storm of uncertainty around the country. Averaging rises of 3% is in line with inflation, whilst previous years have had drastic rises meaning that the prices around the area are at a desirable level.
Add to a stable market the potential for an influx of new and desirable properties and it’s sounding pretty swell for new landlords in the area. Wyre Forest District Council are backing the local property market hard, so you can expect it to go forwards rather than backwards.
Kidderminster’s Improving Centre and Infrastructure
Then you also have vast improvements being made to Kidderminster itself, with new leisure centres, redeveloped stores and the high-street having large-scale facelifts to enhance the experience. You have a wealth of local attractions, from the historic Museum of Carpet to the Severn Valley Railway and the local West Midland Safari and Leisure Park. Want something further afield? Vast pools of money are being pumped into the local travel organisations, meaning you can expect easier train and bus travel from the local area in the near future. What’s not to like?
What First-Time Landlords In Kidderminster Should Consider?
So you’re sold on the area, but what do you need to know when purchasing your property, seeking your tenants and keeping your property and finances safe? Below you’ll find our top tips.
Decide Your Property’s Purpose
Of course, there are several types of landlords you could choose to be in the Kidderminster area. Kidderminster College offers you the opportunity to be a student landlord, focusing on short-term rental deals in multiple occupancy houses. Though you could also look to target young couples looking to move in to their first home together or even large families looking for a house they can make into their home.
Kidderminster offers plenty of scope for landlords, so find a property, decide the tenants you’ll aim for and set up the property that way.
Vet Your Tenants
Regardless of who you decide to rent out to, you’ll want to ensure you vet them appropriately to save yourself and your tenants a lot of time and pain.
Speak to them, understand their job situation, their relationship and what they like to do in their spare time. Complete background checks and ultimately, find out as much information as possible about your potential tenants. Agreeing a deal with the wrong tenants could leave you with unpaid rent, damaged property or tenants refusing to leave, so do all you can to ensure you’ve found the right tenants for you.
Keep An Eye On Your Competition
As a landlord, other landlords will be your competition and it’ll pay to keep an eye on what they are up to. If they’re renovating their property, raising their prices or change how they’re promoting their property, take note.
If you suddenly notice tenants picking other properties over yours, question why and look to improve your property to ensure you can attract tenants that will want to live and stay in your property.
Want To Know More?
We hope the above blog has explained why Kidderminster can be a great area for new landlords and what you should focus on when launching your property empire. Though if you have any questions at all, or want a great price on your landlord insurance, then contact Coversure Kidderminster today. You can call us on 01562 227 532 or click here for our contact details.