Why I don't 'play away from home'

I was talking to an old friend the other day.  He is like many landlords considering investing in the London property market.  His two errant sons have migrated south and he now is on a mission to house them as well as diversifying his property portfolio.

Playing away from home
As I was driving home recently following one of my regular gym sessions, I started thinking.  I've been a regular visitor to Sheffield for over 5 years and have now been living here for over 6 months but despite my property background and interest in the City, I really feel I know nothing about the property market in Sheffield.  In Nottingham where I had brought and sold property for over 20 years I new every back street, understood the places that were on the up, those that could be on the up and those areas that would always remain on their 'uppers'.  In essence I felt confident in knowing how the City functioned and how the people and the property market interrelated.  I was confident on the areas that gave me my best investment returns and highest rental yields.  In Sheffield I really don't have a clue.

If I was to buy property in Sheffield I really would have no idea where to buy for investment.  Some areas look tatty but are occupied by the quicky bohemian set (good for renting to & an indicator of better things to come in terms of property values).  Other areas look relatively smart, but digging deeper they are populated by tenants on benefits and the demographics mean that the chances of the residents escaping from the ghetto.

Better the devil you know.
It is exactly the fact that landlords and propety investors buying outside their home market are at a massive disadvantage when buying into a foreign market whether that be Sheffield or London.  Of course it can be done if you are prepared to do a lot of in depth research or obtain expert advice from a local property professional.  For me at the present time.  I'm happy not to 'play away'!

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