Every day, more and more cranes and imposing scaffolding seem to meet your line of vision as you drive by the streets of Manchester. The property market in this area is booming and these views are just some of the signs of the region’s profitability. While you might think that a regular homeowner or office worker like you will most likely not have the chance to share in the profitability, there is actually still space for the little people amidst all those big developers.
Regardless of your budget, there is a way for you to invest in property and make some extra cash. Manchester is becoming a sought after location so it makes no difference whether the property you wish to rent out is old and run down or brand spanking new. There will be someone out there who will be willing to take the space that you are offering. If you are serious about taking advantage of this great investment opportunity, listed below are two possible property investment options that can help you make money from the local property market boom.
Long Term Rentals
The southern region of the city is the perfect location for houses that are meant for long-term rentals with property developers in Manchester choosing the area as a regeneration focus. There are several reputable schools in the area and the development of the transportation system has made it an extremely accessible and desirable place to live.
As an added incentive for prospective renters, the continuing development and expansion of Manchester Airport has only brought more business and employment opportunities for those living nearby. People would surely flock to the area and choose to make their living there due to the increase in job opportunities, tourism, and investment benefits. After all, those lucky enough to secure a job at the airport will surely look towards the nearby area to find a place where they can stay for long-term.
Nevertheless, there are risks to investing in property for long-term use. It is a big commitment and you will need to spend a large sum before you can reap any profits. You must also be prepared for the times when there will be no tenants who will be willing to rent your house and you will be left to pay for all the bills that come your way.
Short Term Rentals
If you are not willing to take such a large gamble with your investment, then you can try buying and renting out smaller three bedroom properties out for faster and easier yields. For this type of venture, you will have to move a little farther away from the more commercial areas of Manchester and focus on the quiet neighbourhoods such as Denton and Droylsden.
These towns are generally filled with families who have lived there for many generations and have no intentions of moving too far away. Nevertheless, it is still possible to earn a good profit from your rentals despite it being a bit farther from the city centre since the Metrolink network has made these towns highly accessible. There are also several bars, shops, and commuting options that make these areas highly desirable for possible tenants.
In the end, though, every investment comes with its own risks. You should always be prepared to take a few hits and to wade through everything with a great amount of patience. While there are large rental yields, at over 5%, it is still recommended that you conduct your own thorough research to determine whether you are ready to take a gamble and invest in the property market.