Have you been thinking about investing in property in Swansea? Now is an exciting time to be a landlord in our city!
With the work taking place in our City Centre, predictions of the growth of the rental market in Wales, and the increase in people choosing to rent over buying, Swansea is showing itself to be a strong place to invest in buy-to-let.
Phase One of the £135 million Swansea Central Regeneration Project is officially underway. Mark Powney of Business News Wales forecasts it will create 2,500 new jobs throughout and beyond construction, of which 75% are expected to be filled locally. New jobs will attract people to the area, and boost the local economy.
Rob Stuart, Leader of Swansea City Council commented: “From our spectacular beach and historical landmarks, to our world-leading universities and institutions, Swansea provides a wealth of opportunity that has been undervalued for too long. Alongside the other transformative projects taking place across the city, ‘Swansea Central’ is a missing piece of the jigsaw that will attract more people to the city centre, and greatly strengthen our economic buoyancy.”
For the last couple of years, we’ve been reporting on how positive rental growth in Swansea and in Wales has been, so hearing this trend is expected to continue isn’t a surprise.
20% of UK households in Private Rented Sector
Across the UK, more and more people are choosing to rent – not just because they are struggling to get on the property ladder, but because it suits their lifestyle better.
Though there has been a deal of uncertainty surrounding the impact of Brexit, many landlords are still looking to invest in property, and with more people choosing to rent instead of buy, now is the time to consider expanding your portfolio and taking advantage of the growing rental market.
Done well (investing in the right property in Swansea where demand for long term tenancies is high), you can not only expect a healthy return on your investment, but also a steady increase in the value of your property.
Done wrong, you could be compromising getting the types of tenants you are looking for, achieving the rents you expected, or worse, you could run out of cash before you even get to put the property on the market for let.
Investing in property can be very rewarding, but it shouldn’t be entered into lightly – or without a Grand Plan.
Costly Investment Mistakes and How to Avoid Them
It might seem obvious, but knowing why you, personally, want to invest and having a clear idea of your end goals are both essential before you even begin looking at properties to invest in. These two points will determine the kind of property you should be looking for and the area you should be looking in.
Then you need to ask yourself the following: Do you want monthly cash income, or would you benefit more from equity gain? Do you want to be mortgage free? Are you funding a private pension for the future? Answering these questions will narrow down your investment search.
Interested in learning more about investing in the right locations in Swansea? Keep an eye out on Facebook for our free guide coming out next week!
In the meantime, why not book in for a 15 minute consultation call with one of our property experts? Click here to book now.
Source: Business News Wales