If you’re a landlord looking to expand your portfolio to attract longer-term tenants, then it’s worth considering investing in a family home.
According to a recent English Housing Survey, the average age of a first-time buyer now stands at 32, whilst the average age of a first-time parent is now around 28 years old. So it stands to reason that many tenants today could be looking for a home to raise children.
What to look for when investing in family homes
Good local schools
One of the most important factors for families is access to good quality education. Look for a property near to a well-respected school to ensure high demand. On each of The Property Centre's listed properties for sale, we have a handy school tool – simply click on the mortarboard symbol on the map to see the location of every school near that property, together with details and the school’s most recent OFSTED rating.
How many bedrooms?
For growing families, the number and the size of bedrooms will also be an important factor. Families often want a minimum of three bedrooms, particularly if they have more than one child.
A major reason a couple will want to swap their city-centre apartment for a family home will often be so they can have their own garden. It doesn’t need to be especially big – in fact, if they’re too large, then maintaining fences and tending to plants could be off-putting. An ideal size is one big enough to let children play, as well as allowing space to entertain friends on the patio.
A garage can be attractive, not just to store cars but also to house bicycles and to protect garden furniture throughout the winter months.
Good public transport links
Good access to public transport can be vital if both parents work and the family only has one car.
If a tenant has rented their perfect family home, they’re more likely to stay for longer – which is good news for you as a landlord.
Get the best Buy-To-Let mortgage deal
Before you think about looking around properties, sit down with a pen and paper and write down the cost of houses you are looking at and the rent you are likely to get. Buy-to-let lenders typically want rent to cover 145 per cent of the mortgage repayments and most now demand 25 per cent deposits, or even larger.
We work with the Award-Winning Mortgage Advice Bureau and, with a Mortgage Adviser in every branch, we can help you get the very best BTL deal to ensure you’re not paying more than you have to.