apartments for letting-financially viable???

u_r

Hello All

would like your views on this matter-whatever you think please say!!

Any one here from the Birmingham/Black Country area??I am thinking of buying a ONE bedroom apartment in Smethwick.It is very close to birmingham city centre. This property I am buying for the prpose of letting.I want to know what type of people rent these apartments(target market)??Is one bedroom apartment more rentable or TWO bedroom?

Generally-whether you are from the above area or not.Is a £57K aprtmnt a good investment?
WIll it appeal to someone looking to rent?Again it is very near to B'ham city centre. OR can I expect to see it sitting dormant for a good time and no one wanting to rent it?What are the market trends for renting apartments?

Any words on this will be appreciated.

Regards

Doozergirl

£57k for what? It's cheap for any part of Birmingham. Smethwick isn't exactly the nicest bit of Birmingham; I wouldn't be buying it with any anticipation of it being the next up and coming area but it's all about supply and demand. If you can't afford the nice bits, you move to the next available place and so on.

Target market for a flat that costs £57k? You must be able to work out that it isn't going to be the highest calibre of tenant - your tenant will reflect your property and the area it's in. Have a look at the local area, the housing stock and the sort of people that live on the street. (Have a look at streetview)

Ultimately, it depends on what you're prepared to put up with and whether a sensible rent gives you a decent income.

Lots of flats in Birmingham City Centre - massive oversupply so it's not always easy to find a tenant and because there is so much competition, it's also hard to keep them. The city centre is where you will find the well heeled and young professionals, and what you are looking at, in Birmingham terms, is really not all that close to the city centre.

I'm not a fan of flats as renters - small terraced houses come with the freehold - no strangley unexpected bills, service charges or profiteering landlords to deal with. You are also less at the mercy of the neighbours, you get a garden and the property is attractive to sharers, professionals and small families... a one bed flat will only ever appeal to a single person or a couple that can't afford any more than that. And families only look for houses - and there are enough houses in Birmingham to feed that demand.

EDIT: Think I've found what you're looking at on rightmove and I distinctly remember driving past it last December as it was being built and laughing at the name which is an "ugly duckling" I thought it was the developer's way of admitting defeat No fridge with an ice dispenser is going to make me buy a place out there. Streetview tells you everything you need to know about the area.