Despite the downturn in the economic climate, the property market in St Andrews has remained bouyant. St Andrews may be small in size but it is considerable in character. Well known as a university town, St Andrews is also a beautiful historic location, with superb beaches, a thriving town centre and good schools. This combination of character, education and facilities appears to be a winning one; The Herald claimed St Andrews to have “ one of the most prestigious housing markets anywhere in Europe” . So whether you are looking for a long term family home or a buy-to-let investment property, don’t let St Andrews pass you by. Here our my top tips for investment areas within St Andrews:
Before you begin think very hard about what you are looking for from your new home. Whether this is a family home or an investment, the location of the property will impact upon lifestyle as well upon investment returns. If you are investing in a buy-to-let make to keep your target tenant and their ideal location in mind when making a decision.
1. Central Location and Buoyant Rental Market: Many of the town centre properties in St Andrews are full of historic character and charm, as well as being close to amenities. This is a popular area for St Andrews students looking to rent as close to the university as possible. The holiday rental market within the centre is also incredibly popular, so investing in the right property here can see some strong returns. However garden and outdoor space within the centre is at a much higher premium and some properties can be noisier with limited parking so they do not suit everyone’s needs.
2. Period Charm and Long Term Returns: To the West of the centre, a great many large and beautiful period properties can be found. Here parking and garden space is more accessible and these properties can make fantastic family homes as well as strong investment opportunities. Homes within this area have, in general, kept their price. They offer solid investments with continual interest both from home buyers and from the rental market. However you will find this reflected in the price.
3. Family Friendly and Long Term Lets: If you are looking for a strong family home, or long term rental the areas around the South/South West must be considered. With good access to schools and a friendly community spirit the areas such as Bogward and the Canongate may offer what you are looking for. These homes may not have some of the character of the historic properties but the larger gardens, parking and safe neighbourhood provide a family friendly lifestyle.
4. Everybody loves a bargain: Don’t be fooled into thinking you can outsmart the market. The influx of property television programmes’ and have had us all believing in that elusive property bargain. In general of course, house prices are reflective of the standard and quality of the property. Rather than looking for a ‘bargain’, look for a desirable property to which there is scope to add value. If you are skilled at renovation and have the time and access to a money safety net, then returns can certainly be made in renovating a home for the rental market, or creating that perfect family home. My advice would be to do your research, visit each property several times and obtain a full survey.
If you are eager to find something a little different or to invest in area that has greater scope for improvement I would suggest looking at areas surrounding the East Sands. There is a very mixed bag of property around here, with some magnificent period homes as well as ex-council housing and new builds that can provide affordable first -time buyer and family homes. If you are looking for a buy-to-rent property, students are still keen to rent here but rental income will be considerably lower per room than in the desirable centre of town.
If you would like further information about investing in St Andrews please feel free to visit the office to at any time, we are always happy to discuss individual investments and can provide firm rental rates and further information on location and target tenants.