As far as investing in the property goes, Bath is an ideal location for first-time buyers. Despite constant growth over the previous decade, the local real estate market remains more approachable than in other cities, while the risk for poor investments is ever-diminishing.
In fact, Bath brings together a few factors that make local property investments relatively safe. Perhaps the most important factor is the city’s proximity to London, which has translated into a considerable influx of potential homeowners and renters over the previous years.
In other words, so long as you avoid a few rookie mistakes, you should be able to turn a handsome profit when you buy property in Bath, regardless of whether you’re looking to re-sell or to let. Some of the most common mistakes made by first-time property investors include:
#1 – Having an Inexact Budget
When people look up a property in Bath, they tend to consider only the deposit and purchase price. Most of the time, they forget or prefer not to pay attention to the fact that there will be additional costs regardless of the property they buy. Surveys, solicitor’s fees, Stamp Duty, removals, and other such minutiae should be taken into account and factored into the initial budget.
Furthermore, once the budget is established, it is far more advantageous to look for properties that fit in this range, rather than going outside of it. While potential homeowners may enjoy dreaming about the perfect house, not sticking to the initial budget can considerably lengthen the search process and ultimately work in their detriment.
#2 – Being Unaware of the Local Real Estate Market
The real estate market in Bath is unlike that of any other city in the UK. Especially if you don’t live in Bath, it can be difficult to understand the complexity of the local market and its long-term prospects without information from the inside.
This is where you can use the help of estate agents who have been entrenched in Bath for extensive periods of time. Estate agents from Pritchards, for example, have worked here for several decades and know the ins and outs of the city, its most prized areas, and its up-and-coming neighborhoods.
#3 – Taking a Location at Face Value
The area where a property is located can turn the latter from dream to nightmare in a matter of weeks. Even so, many people fail to research this essential aspect and end up having to deal with it later on, when the investment is already made.
Especially if you don’t live in or near a specific area, you have to take additional time to become familiar with it before you make a purchase. Some of the things you can do are to visit the neighbourhood in different days of the week and at different times, ask some of the residents about their experience, and even rent a property nearby for a couple of weeks.
At the end of the day, making a sound decision when you buy property in Bath is first and foremost about doing your research. Whether in terms of budget, local real estate climate, or property value, you have to set clear parameters for yourself in order to guide your purchase.