Apartments – the learned choice for investors
As the new term approaches and the holidays finish, students and their parents will be flooding back into towns like Loughborough, to make their final searches for the best place to live. Increasingly parents are choosing to invest in properties themselves rather than pay rent to a landlord over three years – preferring to put that money into their own investment and at the same time, enjoy the peace of mind that their sons and daughters are housed in good accommodation throughout their student lives.
Traditionally, it was terraced housing that parents and other investors sought to buy, but increasing HMO regulations and the high maintenance levels of Victorian terraces have led to an increase in the number of investors opting for apartments.
Apartments have many appealing factors for the investor, particularly the student parent investor, as they are essentially hassle free investments, when compared to older houses. However, investors still have to choose well, which is why Joy Goodman, Miller Homes East Midlands’ sales director has compiled a short check list for parents looking to invest in apartments.
“The most important factor to consider with apartments is their location. Consider their proximity to the university or college, the town centre and shops, railway station and of course, the nightlife. If the apartment of choice is not near to most of these, then a bus link at least, is essential,” explains Joy.
“As more and more students have cars, a parking space is critical for an investment apartment – as is a bike store, both of which carrying more weight if set within a gated development for increased security.
“There was once a time when students would be happy to share one bathroom, but nowadays, look for a two bedroomed apartment with a master bathroom and en-suite – as this is fast becoming the norm and you may be pushing your property out of the market if it doesn’t offer this.
“You may be saving money on not paying rent to a landlord, but it is key to also look into the rental values of apartments in the area. Ideally you should seek to buy a property that will leave you with a monthly profit after your mortgage is paid. And whilst you may not wish to profiteer from your own children and their friends, you will want to see a return other than a rise in the property’s value, should you wish to continue renting it out short-term in summer holidays and after graduation.
“It is also important to look out for deals for investors. If you are buying a new apartment, ask about deals for investors, which can include anything from furniture packages to carpets and curtains, to part exchange deals and reductions for multiple unit purchases for the more adventurous parent investors.
“Buy with your head as well as your heart. You want the best for your little darlings and their friends during their three years of fun but it’s worth remembering that your buyer may not be another parent like yourself – and will perhaps want different things from the property.”
Miller Homes' own development of apartments in Loughborough, All Saints Corner, is conveniently located in the heart of the town centre. Its range of 33 apartments all enjoy an en-suite to the master bedroom and two good-sized bedrooms. Prices for properties currently available for sale at All Saints Corner range from the two bedroomed, Type D apartment at £156,950 to the two bedroomed, second floor Type J apartment at £164,950.
About Miller Homes:
Miller Homes develops quality homes throughout the central belt of Scotland, the North East and North West of England, Yorkshire, the Midlands and the south central belt of England.
Having built homes for over half a century, Miller Homes has established itself as a major force in the house-building sector.
Over the years, Miller Homes has created over 60,000 homes, and is now the UK's largest privately owned house builder.
Miller Homes is the Housebuilding Division of the Miller Group.
Full information on all developments can be found at Millerhomes.co.uk.
