Nottingham is a city experiencing enviable growth: with HS2 set to stop at East Midlands Parkway, £250 million being invested in access to the city via its Southern Gateway, and the regeneration of the Broadmarsh shopping centre, there’s plenty of opportunity flooding into the city. What’s more, over the past two years property prices in Nottingham have risen by a quarter, making it one of the most sought-after regions for purchasers and tenants alike. As a result, many buy-to-let investors are now seeking to expand their existing property portfolios or start new ones in Nottingham. Today, Centrick will be running you through our top tips for curating your lettings portfolio in Nottingham, with advice for first-time landlords and seasoned portfolio investors.
As a first consideration, any budding portfolio landlord ought to seek out their specialty. If you’re new to investment, or new to Nottingham, it would be good to enlist the help of a local estate agency to help you pinpoint the best areas to invest in and which type of property can yield the results you’re looking for.
It may be challenging to strike the right balance when deciding on what areas to invest in: popular areas that can attract high rental values will likely be more expensive to purchase, and competition for these units may also be tough. In Nottingham, you may expect to pay a premium price for accommodation in Edwalton with its swathes of million-pound properties, specifically on Valley Road, Melton Road and Village Street. What’s more, these properties would make for very expensive rental properties that would appeal to a very small demographic so, if you are wishing to add one of these houses to your property portfolio, we advise speaking to your local Centrick expert to find an property with a high yield.
As Nottingham locals, Centrick know which parts of Nottingham will yield you the best results for your lettings portfolio – here’s our rundown:
Speaking of properties such as HMO’s, you should be look to determine which kinds of properties are going to deliver the returns you desire. This will largely depend on the last point, your area of focus, with certain parts of Nottingham having more detached houses and others having a large selection of apartments. As an example, you would expect to see more flats and apartments available in the City Centre due to competition for space and higher population density, whereas you may be able to find more detached and semi-detached houses in areas such as Bramcote and West Bridgford.
Property focus is inextricably associated with the type of tenants you wish to appeal to. Detached homes, for example, make wonderful family homes, especially for those who are relocating to the East Midlands and want to rent a home before committing themselves to a fully-fledged purchase. Similarly, HMO’s will attract students and sharers, making them fantastic investments in suburbs that are commutable to university campuses, hospitals and business hubs. It is advisable to consider creating a diverse portfolio with the help of an asset management company such as Centrick. This would involve investing in various types of property tailored towards different audiences so that in the event of one property type becoming less desirable, you have other options to fall back on while the market stabilises. An asset manager will be able to advise which types of property will be beneficial to your portfolio, to generate sustainable, long-term returns.
Before you start investing in buy-to-let property or expanding your existing Nottingham lettings portfolio, you must decide who will be responsible for the day-to-day running of your properties. Many landlords choose to delegate this role to a property management agency, which is an effective solution for those that wish to free up their time, or have additional commitments. This is an option often chosen by those with larger portfolios that require the expertise of a property manager, or someone that simply doesn’t find that they have enough hours in the day to handle their Nottingham property portfolio. However, Centrick offers a variety of property management packages to suit all landlords – from first-time investors to seasoned pros, so whatever position you’re in you can have a hassle-free experience.
On the other hand, some landlords prefer to be more hands-on with their property portfolios – this can be a particularly good option for those with smaller portfolios and experience in property management, or those who are committed to managing their properties as a full-time job. These landlords can choose to handle anything from maintenance, to finding a tenant and implementing seasonal rent increases. However there can still be a benefit to involving a professional who can take care of any legal requirements, liaise with tenants and find occupants for vacant properties, even if some of the other management responsibilities remain with the landlord. A property manager like Centrick will have the benefit of existing contacts, local knowledge and utilisation of property platforms such as Rightmove and Zoopla.
Still looking for guidance on curating your Nottingham lettings portfolio? Centrick is here to help you get the best out of your buy-to-let portfolio. Whether you require a comprehensive asset management package, a property manager to help you with lettings and maintenance, or simply wish to talk to one of our resident experts about which up-and-coming East Midlands regions are best to invest in, Centrick can help. Contact us using the form below or visit our City Centre office on Queen’s Road for more information.
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