In today’s Walsall property market, the Walsall homeowners and Walsall landlords I talk to are always asking me which attributes and features are likely to make their property comparatively more attractive and which ones may detract from the price. Over time buyers’ and tenants’ wants and needs have changed.
The conformist way of categorising property in Britain is to look at the number of bedrooms rather than its size in square metres (square feet for those of you over 50!). My intuition tells me that homeowners and tenants are happy to pay for more space. It’s a little obvious, the more bedrooms a house or apartment has, the bigger the property is likely to be. Also, it’s not only the physical additional bedrooms, but those properties with additional bedrooms tend to have larger (and more) reception (living) rooms. However, if you think about it, this isn’t so surprising given that properties with more bedrooms would typically accommodate more people and therefore require larger reception rooms.
In Walsall, location is still the No. 1 factor affecting the value of property, and a property in the best neighbourhoods can achieve a price almost 50% higher than a similar house in a so called ‘average’ area. Nevertheless, after location, the next characteristic that has a significant impact on the desirability, and thus price, of property is the number of bedrooms and the type (i.e. Detached/Semi/Terraced/Flat).
The number of bedrooms for owner-occupiers very much depends on the size of the family and the budget, whilst Walsall landlords have to consider the investment opportunity. In this article, I have analysed Walsall’s housing stock into bedrooms and tenure. Initially looking at Walsall homeowners..
And now the Private Rented Sector…
It can quite clearly be seen that Walsall owner-occupiers tend to occupy the larger properties with more bedrooms. This would be expected due to the demographic of homeowners and people that privately rent.
However, this shows there could be opportunities for Walsall buy to let landlords to purchase larger properties with more bedrooms to attract tenants requiring properties with more bedrooms. However, before you all go buying larger 4 bed and 5 bed mansions to rent them out, a lot of bigger properties in Walsall don’t make financial sense when it comes to buy to let.
For numerous years Walsall buy to let landlords have been the lone buyers at the smaller one and two bed starter homes of the market, as they have been lured by elevated tenant demand and eye-catching returns. Some Walsall landlords believe their window of opportunity has started to close with the new tax regime for landlords, whilst it already appears to be opening wider for first time buyers. This is great news for first time buyers .. but one final note for Walsall landlords .. all is not lost .. you can still pick up bargains, you just need to be a lot more savvy and do your homework ..one source of such information with articles like this is the Walsall Property Market Blog https://www.walsallpropertyblog.com
Whatever your property plans are I am always happy to hear from you. Whether you are a client of mine or not, if you need a second opinion, feel free to get in touch.
Phone: 01922 311016
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