Buying a property to let out to tenants has become increasingly popular recently. If you live in London or other major cities where rents are high, then buying a property to rent out might seem like a good idea. However, there are numerous areas around the UK where you can get a much better return from investing in a property. What are they?
There are several advantages to owning properties instead of renting them out. Firstly, you don’t have to pay tax on the rental income. Secondly, you won’t have to worry about maintenance costs or repairs. Thirdly, you’ll save money on essential bills such as electricity and gas. Finally, having your own home gives you the security of knowing you’ve got somewhere to stay at night.
In order to invest in a property, you should consider whether it would suit your current financial situation. Make sure that you are able to afford mortgage repayments before you begin looking for a property. The next step is to research the area that you want to invest in thoroughly. This means finding out things like average house prices per bedroom, local amenities, schools, crime rates, and employment opportunities. Once you’ve found the perfect location, start searching for suitable properties and ask landlords if they’d be interested in selling their properties.
Liverpool is a great place to invest if you want to buy a property in the UK. Many factors make investing here worthwhile, including its affordability and a strong economy. If you’re thinking about buying a property in this area, we’ve put together some helpful advice.
Cost of Living
The cost of renting out your property is generally lower than the cost of owning a property. You won’t have the ongoing costs associated with repairs, maintenance, insurance, or general upkeep. That said, the rates of return aren’t as high compared to other cities across the country.
It doesn’t take long to realize that the average house price in Liverpool is significantly less than the national average. In fact, according to the Office for National Statistics, the average house price in England was £222,000 in 2018. The figures don’t account for inflation, however, making properties in Liverpool even cheaper relative to the rest of the country. So, whether you’re looking to buy to let, buy to live, or rent out, Liverpool could be an affordable city to raise a family.
In recent years, Liverpool has seen major economic progress. According to the ONS, the unemployment rate in the region fell from 6% to 5% between 2015 and 2017. Meanwhile, the gross value added per head increased from £16,300 to £17,100 over the same period.
Investing in the right area in Liverpool is key. The best areas tend to be located in the center of town – close to public transport, schools, shops, and businesses. These locations are popular among business owners and home buyers alike. However, they offer fantastic returns on investment. While you might not get these returns immediately, you should expect them to increase over time. A property bought in one of these areas will likely appreciate in value before any other surrounding homes.
We have created a list of the best buy-to-let areas in Liverpool where you can invest in property you can also look at the offers at gladfish.com.
1. Liverpool 8
Liverpool 8 is situated on the border between the city center and the university area. It has long been a popular place to live, and even though prices have increased, they remain cheaper than some of the inner city locations. Despite being close to other areas of the city, these homes offer good transport links and are often located near public services like schools and supermarkets.
2. Liverpool Central
Liverpool Central is a prime location, and not just because of its proximity to the city center. It is well connected to other parts of the city via bus routes and trains and even offers great access to the university area. A residential suburb, it is home to many students and young professionals who work at nearby universities such as Edge Hill University, Liverpool John Moores University, and the University of Liverpool. As well as local amenities, there are plenty of bars, restaurants, shops, and cinemas in the vicinity.
3. Liverpool Riverside
A popular district for couples looking for a quiet life, Liverpool Riverside is relatively affordable. Its proximity to the university and commercial hubs makes it a perfect base from which to explore the rest of the city, while the abundance of cafes, restaurants, pubs, and shops makes for a pleasant day out. There are some fantastic schools in the area, including St Charles CofE Primary School, Mount Pleasant RC High School, and Notre Dame Catholic College. Also, there are various leisure facilities such as Merseyside Maritime Museum, Riverbank Leisure Centre, and Royal Liverpool Hospital.
Birkenhead is another busy commuter place and is known for its shopping centers, high street stores, and modern housing estates. The North West Water Arena is one of the biggest leisure complexes in the UK and was opened in 2008. It is easily accessible by public transport and has excellent road links. It is situated halfway between Liverpool and Manchester, meaning that people working in both cities can travel to work less frequently.
5. Everton Park
Everton Park is a popular residential area and is renowned for its beautiful parks and green spaces. They act as havens for residents, offering opportunities for relaxation after a hard day’s work. In fact, the parklands are so extensive that the Liverpool Echo ran a competition to name them! Also, Everton Park boasts excellent transport infrastructure, being linked to both the M53 motorway and the M58 dual carriageway. Other facilities include two libraries, five primary schools, three post-primary schools, a community centre, youth clubs, and sports pitches.
If you have a large sum of money as savings, perhaps the best idea would be to invest it in a property that you can earn money from or rent out to other people to live there. Most people decide on such an action and they say that it is the best decision of their life. So don’t miss this chance and immediately go to the link above and choose your favorite location.