Deciding Your Property Rental Market
The other day I borrowed this book from the library called Property Ladder by Sarah Beeny. The tagline said “How to Make $$$ from Property” (they actually used the pound symbol, it was a British publication).
Actually it wasn’t what I expected it to be. The book was actually talking about how to choose property, renovate it, fit-out with interior decoration and furnishing, and then sell it or rent it out for revenue.
The book was quite informative, but it was totally skewered to the British market, with some pretty neat examples of housing areas near London.
Nonetheless, the book also contained a lot of useful tips for Malaysians, although I doubt many of us will get the opportunity to read this book. So I’ve chosen to highlight a few important portions here over the next few days.
I’ll start with this summary of the section called ‘Deciding on Your Market’:
‘The market for buying or renting properties can generally be split into the following categories. Their relative important will vary depending on the area. To work out which sector of the market you should be targeting your property towards study the market descriptions below. You should also check out the local amenities to see who the shops and services are gearedto and bear this in mind to help you identify the market.’
The Market (summarized)
Students – ideal rental market, near college/university, don’t expect top quality
Young professionals – first-time buyers or professional rental sharers, comfortable surroundings, decent-sized rooms, good transport links.
Older professionals – second-time buyers, expect high quality finishes and an eye for design
Young couples – house buyers, kitchen and garden important, near schools and amenities.
Growing families – house buyers, plenty of separated living space, large garden, established residential area
Downsizing households – smaller home, bungalows popular, comfortable surroundings, low-maintenance.
‘The key is to appeal to as many of these market categories as possible. The greater the number of these different groups interested the more likely you’ll be to get the sale at the price you want. The ideal situation is to have two or more interested buyers – you have a greater chance of achieving your asking price and getting a speedy sale.’
sarah beeny is a respected property guru in uk. I watch her Channel 4 programme in uk and it is full of useful advice.Sarah is self-trained in the building industry, and set up her own property development company at the age of 24 with her brother and boyfriend.
check out her programme
http://www.channel4.com/4homes/ontv/property-ladder/index.html
Comment by mrazal100 — October 22, 2006 @ 11:16 am