With regeneration and development underway in many areas of the city, now is a good time to invest in property in this thriving city.
Here, the Bergins team offers five tips to help you when you are considering buying property in Manchester:
Look for areas that are being developed or regenerated
One of the best things about Manchester is that there's always something new and exciting happening. If you're looking to buy a property here, it's worth considering areas that are being developed or regenerated. This way, you can get in on the ground floor of up-and-coming areas and potentially see some good capital growth in the future. Some areas to consider include Ancoats and Salford Quays. We would also add Wythenshawe which has a lot to offer - especially families - and is ideally suited for those moving to the area to work in or around Manchester Airport.
And if you're looking at investment properties for sale in Manchester – for example, a 1 bed flat in Wythenshawe - then it's important to consider the potential for rental yield. Manchester is a popular city for renters, so there's always potential to find good tenants for your property. It's worth researching average rental prices in the area you're considering, as well as looking at the local amenities and transport links, which can all impact profitability.
Research the local market and prices
It's important to have a good understanding of the local property market before making any decisions. This means doing your research on average prices in the area and considering things like recent trends and the types of properties that are popular with buyers. This will help you to gauge whether a property is overpriced or under-priced and give you a better idea of what to expect in terms of price.
Have a realistic budget in mind
One of the most important things to do when looking at properties is to have a realistic budget. Try not to get caught up in the excitement of finding your dream home – and find it is too expensive. Remember too that you need to be able to afford the mortgage repayments and other associated costs. Once you have a clear idea of what you can realistically afford, you can start looking at properties within your budget.
Get a mortgage agreement in principle before you start viewing properties
Knowing what your buying budget is will be dictated by the mortgage agreement in principle. This will give you an idea of how much you can borrow and what your monthly repayments might be, which can help to inform your property search. Don’t forget you will need to pay stamp duty and legal fees.
Get a good conveyancer or solicitor to help with the process
Along with having Bergins as your estate and/or letting agent, the process of buying a property can be complex, so it's important to have a good conveyancer or solicitor on your side. They can help with everything from negotiating the purchase price to dealing with the paperwork and arranging a survey. Having someone experienced to guide you through the process can help to make it much simpler and less stressful.
Tips when looking at properties for sale in Manchester
Following these tips will help you to find the right property for sale in Manchester, whether you're a first-time buyer or an experienced investor.
And if you need any help along the way, the friendly team of experts at Bergins are always on hand to help. Get in touch today to find out more on 0161 945 6937.
