Father and son make property investment a family affair

Barratt West Midlands employee, Dario Scimeca gave Barratt Homes the ultimate seal of approval when he joined forces with his father to buy one of the company's luxury apartments in Skyline - a development in the centre of Birmingham.

At the tender age of 19, Dario, together with Franco, his father, are now sitting pretty with their two bedroom investment in the heart of the country's second city on Granville Street, Bath Row.

Dario, who works at the Barratt Divisional Head Office in Halesowen as Contracts Chaser, added to his father's already substantial property portfolio when he completed on the apartment in June. To his delight, just three days later the property was rented and paying for itself.

It is testament to the faith Dario puts in the homes and apartments Barratt builds that Franco was convinced to dig deep and purchase the immaculate £200,000 property which was ripe for rental. This was the duo's first new build investment and clearly it will not be their last if the speed at which it was snapped up is anything to go by.

Dario said, "I wanted to make an investment as I already work in the industry, I know the way mortgages are and the rental market is on the up. This way, the rent covers the mortgage, leaving me with a tidy £30 to spare at the end of each month."

"My dad already invests, so when I showed him that I had my figures in check for the Skyline apartment he was really happy to invest and buy the property in my name."

Dario and Franco knew their Skyline apartment would have great rental opportunities and that very little maintenance would not be required on it for a long time. These factors, combined with the apartment's view of the Peace Gardens, a parking space in a private, gated courtyard and its close proximity to the vibrant hustle and bustle of the city centre made it an obvious choice.

Dario suggested several golden rules to any budding investor. He advised looking at the location, attractiveness, view and position of the potential investment, as well as what local conveniences exist. Another trick, Dario said, was to talk to letting agents and to get a mortgage in principle beforehand to give an indication of what the investor would be able to borrow.

"Organisation is important, but some investors don't even look at the property before they buy - all they are interested in is the square footage and the rental potential," Dario added.

Barratt West Midlands' Sales Director, Graydon Worthing, said, "I was so pleased to hear that Dario had chosen a Barratt apartment to make his first move in the property investment business."

"He is an astute businessman and chose a good time to buy to rent, especially as the luxury apartments within our Skyline development are so sought after."

Franco and his sons are always on the look out for new opportunities within the industry.

Dario concluded, "It's great to be in property investment with my dad - we combine our knowledge and it makes for a winning combination. We aim to buy a property every year, but they are predominantly new builds simply because the track record with them speaks for itself. Who knows, this time next year I might have another Barratt property to my name."

Skyline offers one and two bedroom apartments on Granville Street, Bath Row, in Birmingham City Centre, with prices ranging from £149,950 to £244,500.

For more information, log on to Barratthomes.co.uk/skyline.