We all know location counts when you are looking to buy a family home, but the same is true if you are buying to let. If you are looking in South West London, Wimbledon is a good choice as it will undoubtedly always be popular with tenants.
Wimbledon’s appeal lies in its versatility. Living in Wimbledon gives you all the amenities of the town centre with the rural feel of the village close by. Plus, there are amazing transport links to central London and beyond, as well as plenty of outstanding schools in the state and independent sectors.
Wherever you decide to invest in a buy-to-let property, location is key. As a landlord you’ll be looking for high rental yields, minimal void periods and for your property to gain in value over time. Choosing the best location for your budget can help you achieve this, so before you commit to a property think carefully about how attractive it will be to tenants.
It makes sense to have your ideal tenant in mind when deciding on a location. If your budget will only stretch to smaller apartments, your target market probably isn’t families, where more space is a priority.
If you are looking at young professionals, you’ll probably want a flat that’s close to amenities and night life as well as handy for good transport links. You might also want to consider whether it’s close to a local employer – Wimbledon is close to St George’s Hospital and medical school, for example.
You should do plenty of research about who lives in the area and the average rents they pay. This will help you get a good idea of whether you’ll achieve the return on investment you’re looking for.
To help you decide if a location is right for your buy-to-let project, look at our local area guides. Then use our checklist of what to look out for when choosing your investment.
1. Avoid traffic hotspots
Go back a street from the main road – quieter streets with less traffic may hold their value better and are more attractive to tenants.
2. Look to the future
Do your research on any planned regeneration schemes in the area and think about the impact on the property you’re considering, good and bad. Will the plans bring better transport links and upgraded facilities, or mean noisy works for years to come that will deter renters?
3. How are the schools?
Families are drawn to areas like Wimbledon because of their proximity to good schools. Houses close to outstanding state schools will be popular with renters and retain their value – as long as the schools remain high-performing and popular. If you’re targeting families, do your research into popular schools and where people need to live to secure a place.
4. What are the main attractions?
Look at properties with good amenities close by. Attractive parks, bars, restaurants and shops can all make a place appealing to tenants. Wimbledon is well served in this respect, with the common and Wimbledon Park, plus numerous other open spaces. The area also has plenty to do, including New Wimbledon Theatre and a range of amazing places to eat in both the town and village.
Factors like a corner shop or mini supermarket, neighbourhood pub and coffee shop can also give a particular street the edge.
5. How is the transport?
This is a crucial one, especially for city professionals looking for an easy commute. Wimbledon may have been planned with commuters in mind, so well is it served for transport, with frequent trains into London Waterloo, Vauxhall and Clapham Junction as well as access to the District Line, Tram, Thameslink and Northern Line services.
If you are considering purchasing a buy-to-let property in the Wimbledon area, we’d be happy to discuss the merits different parts of the area and show you some great properties. Contact us today to find out more.