No, I’m not talking about the procedure that MPs need to follow in order to introduce a bill. The 10 minute rule that I am talking about is the rule that you should follow when purchasing an investment property.
When you decide that you want to invest in a property, you are obviously going to keep a few factors in mind, such as price, age of the property and location. We’ve all heard the saying ‘location, location, location’, which has been made ever more popular after the Channel 4 programme. But what exactly about location do you need to keep it in mind?
This is where the 10 minute rule applies. Let’s think about it in more detail. You are purchasing a property as an investment, and what drives your investment? Tenants.
When tenants are searching for a property to rent, it is temporary and usually short term. Properties that carry the most value are those that offer it’s residence the most convenience. We are beginning to see a trend where new developments are increasingly beginning to include a gym and a concierge for this particular purpose.
So what is the 10 minute rule?
This is relating to the location of the property. I strongly advise that if you are investing in a property, take a walk from the building to the nearest station. If it is within 10 minutes, this is ideal for investment purposes. You should also apply the 10 minute rule to the property’s proximity to local amenities such as schools, shopping malls, parks etc.
The more local amenities fall within 10 minutes walk to the property, the better it will be for the value of the property over time. If at time of seeing a property, there isn’t many local amenities within a 10 minute walk, do a little research to find it what could be there in the future. You’d be amazed at how the value of a property can increase because of future regeneration in the area.
So there you have it. A quick rule to keep in mind when you are searching for a property to drive your investment.