We covered tenant profiles and the tenant profile matrix in an earlier lesson but at the risk of repeating ourselves, we cannot emphasise the importance of your tenant profile, enough.
Have you considered what kind of tenant you want to be living in your property?
Is it going to be a single-let, for a couple, a family, an individual? Perhaps it is going to be a multi-let or a student house?
Of course, this kind of decision will influence the size of the property you need, the cost, the availability of purchase and so on.
And on the other side of the coin, you need to make sure that there is a local demand for housing from your chosen tenant group.
So, while it is obvious that a student HMO is not going to work in a town with no students or that local high unemployment might speak to a problem with professional tenants, demand can also be curtailed by an excess in supply.
What this means is that choosing a tenant profile is not indistinct from choosing your location and both issues must be approached methodically and with great care.