The “everyperson” house rule

The one thing I have learned from properties that I have owned is that it doesn’t matter how good the deal is, unless you can get a tenant it will soon turn into a very painful financial decision.

That’s why as part of my two laws of property I also say that the property must be able to attract a tenant.

For me this means looking at the mass market in each area and buying houses they would live in. I call this the “everyperson” house. Obviously the everyperson house will change between areas – London city centre would be a 1 or 2 bedroom apartment valued between x & y and Newcastle would be a 3 bed terraced house outside the centre worth between x & y.

What I am saying is this buy a house that will have the biggest demand for the area. Stay away from huge mansions or low valued properties.

Always think – I’ll buy this, but who will rent it?

I have over 200 property investment articles, videos and podcasts available for free on my blog!

~ by Brett Alegre-Wood on July 14, 2007.