Birmingham is the most populous city in UK after London. Incidentally, it is also the largest city after London. According to the 2016 census, the city has a population of 1,124,600 with a population density of 4,199 per sq. km. However, from a mere mid-sized town, Birmingham rose to prominence during the 18th Century on account of the industrial revolution. Since then, it has been in the news. As a matter of fact, the need for the residential as well as the commercial properties in Birmingham city is continuously on the rise. A report dated June 2017 says that the property investment in Birmingham is rising despite its ever increasing price that is estimated to be well above the UK average.
Key areas of investment in properties:
- Identifying an area: This is said that a stitch in time that saves nine. Having said that, we mean, property investment in Birmingham will give you high returns provided the area is developing faster than other areas. The USP (unique selling proposition) of buying a property in a fast developing area is that the initial investment will be low compared to the similar investment in the fully developed areas of Birmingham. For instance, Jewellery Quarter, Moseley, and the Sutton Coldfield in Birmingham are the hotspot invest destinations as on date. As such, an investment there would take out a major chunk of savings while the growth in the short-run may not be up to your expectation. On the contrary, property investments in the areas like Edgbaston, Longbridge, Holloway Head, and Stirchley would fetch high returns on your investments in the long-run.
- Preselecting properties: Not all the properties will be suitable for your investment. Having said that, we mean, you must have a budget for investing in properties. There lies the importance of preselecting houses for an outright purchase.
- Purpose of an investment: The purpose of your investment plays a pivotal role here. Having said that, we mean, if you are investing in property for the short-run, you should choose a property located in the posh area. On the contrary, investing in a property in the developing areas will fetch a fortune in the long-run. In other words, the duration of your investment would also play an important role here.
- Upcoming areas of a city: A comprehensive knowledge of the developing areas of Birmingham, for instance, can help you buy the best property that your money can buy. In the process, you will be able to get the best value for your hard-earned money.
- Expert service: If you are in two minds about investing in Birmingham properties or in any property around the world, you should seek an advice from the experts such as the real estate agents. With the years of expertise and experience to their side, these agents can truly guide you here for the better.
In short, property investment in Birmingham calls for a detailed understanding of the factors that affect the pricing of a property and at the same time, those that impact its growth. You should, therefore, spend sometime understanding the market as well as the properties available in Birmingham for an outright purchase. A freehold property, for instance, can be a boon to you in the developing as well as the most developed area of Birmingham as you would have the liberty of developing it further bespoke to your coveted purpose.