Inner City Property Investments Vs Outer City Property InvestmentsAs the ‘New Normal’ continues to influence people’s decisions, attitudes and preferences, we lay witness to a growth in the popularity of moving and living out with cities, into areas which are connected with nature. This shift in trend has caused house prices to fluctuate.
This brings an array of advantages and disadvantages to property investors. These pros and cons will be explored throughout our article.
LocationThe year of 2020 brought around an experience like no other, an experience that will be difficult to forget. This experience influenced generations, encouraging new attitudes, and a shift in habits. 2020 has left its mark, causing the lifestyle of many to change, some for the better
Through the experience of lockdown, the important things in life became increasingly apparent to people - family, friends, hobbies and overall, what makes you happy. For many, after spending countless months indoors, they developed the desire to seek the outdoors. Ultimately, this has led to a fluctuation in Scots looking for housing outside of the inner cities of Scotland.
Those who flock to the areas closer to the countryside, away from the hustle and bustle of the inner city tend to seek tranquility and the opportunity to be closer to nature. The market for these properties will differ greatly from the market of people looking for an inner city property.
It is vital to understand what this market is seeking to ensure your investment is one of strength, one that will potentially be successful. As aforementioned, this market is likely looking for a property that will allow them to connect with their surroundings. This makes the surroundings of a property a vital consideration for an investor when aiming to appeal to this market.
The style of working life is hitting a revolution as a result of Covid-19. During 2020, many of us were forced by the pandemic to work from home and consequently, this has encouraged some work places to adopt the change fully, implementing working from home as an alternative to the office, potentially even after lockdown.
With this, employees are given more options. The shift of working in the office to working from home has allowed many to create a greater work-life balance. A key advantage of this is the opportunity to live in an area of their desire, rather than close to their work.
On the flip side of this, however, is the travel required for those living away from the city. When living within the city, the simplicity of getting to work is incredible. During a time where a trip on public transport is to be much avoided, some opt for the choice of living within the city. This allows them to easily avoid travel.
These alterations in attitudes highlight that investors must remain up-to-date with market trends and desires. This will aid the success of their investment.
LeisureDuring the times of uncertainty the nation has gone through in this past year, leisure has gotten us through. With our favourite places for passing the time coming to a close in the spring of 2020, we were encouraged to reconnect with old hobbies and create innovative pass times.
As we were enclosed in a lockdown, we panged to spend time outdoors. For those living nearer the countryside, or those blessed with gardens, this was marginally easier. On the other hand, were those trapped in the inner city with concrete surroundings
Living in the city presented difficulties for some residents as their access to outdoor space was limited. This, ultimately, led to some choosing a new life in the country, understandably.
The decisions made to relocate were sound ones, however, post-pandemic, joy will be experienced within the inner city once again. Post-pandemic, inner city spaces will be calling for love as they reopen. The day will come when people are able to enjoy leisure facilities again, embrace the atmosphere of a restaurant or enjoy a shopping trip.
These are all pass times offered by the inner city, blessing those who live on their doorstep. As previously highlighted, there continues to be an uneasiness around travelling, therefore, living within the city is ideal for those awaiting the reopening of these facilities.
ConclusionTrends, preferences and attitudes within a market are continuously changing, however, the effects of the recent pandemic, Covid-19, have led to some changes of a new height. Understandably, many have developed the desire to change their lifestyle and surroundings.
This has encouraged many to develop a new preference for the outdoors and a desire to be closer to nature. On the other hand, are those who still feel unsettled whilst travelling and therefore wish to be closer to the city to limit their interactions when the country reopens.
The alteration in attitudes over this past year have highlighted to property investors the importance of remaining up-to-date with the desires and preferences of their markets. Without this knowledge, an understanding of what the market wants is lacking. This can hinder the success of a property investment for an investor, therefore, it is important to gain this knowledge or work with those who hold a solid understanding of the market.
Disclaimer: This is information based on our knowledge gained throughout years of experience, education and learnings. This information is open to interpretation, therefore, you must carry out your own due diligence regarding the subject.