Tip #1 - Buy in ‘up and coming’ locations
Discover the hotspot locations in the UK, and invest in them now as property values are on the rise! Research the market and find out which areas are set to be the best investment. The North is particularly becoming a prime location to invest in.
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Tip #2 - Understand the risks
It’s important that before you invest in property (or invest in anything for that matter), that you understand all the risks involved so you can do your best to mitigate them. It is best doing your research or speaking to a property expert to discuss potential risks before jumping in to your next investment.
Tip #3 - Choose between off-plan and completed properties
There are advantages and disadvantages to both, so it’s important that you look into which one will work best for you and your current financial situation. Off-plan allows you to buy at a cheaper cost, however completed properties gives you the reassurance that the property is actually completed and ready to start earning money from.
Tip #4 - Decide between furnished or unfurnished
For many new build properties it makes sense to opt for the furnished package so you don’t have to worry about the décor and it’s ready for tenants to move into, especially if investing in student accommodation – you’ll also be able to charge higher monthly rent. However, for many residential properties people prefer unfurnished so they can style their home to their unique taste.
Tip #5 - Consider expanding your portfolio
Having a varied property portfolio is key to spreading out any potential risk factors. Investing in a number of smaller properties, i.e student accommodation or buy-to-let allows for any gaps in the market to be covered. For example, if you own a number of just student properties in a particular area but there is a shortage of students in that place, it could leave you with vacant properties and no rental income and incurring costs.
Tip #6 - Network with other investors
It’s important that you connect with other investors, LinkedIn is a good way to connect and see how they have chosen the right properties and gained a financial return. Learn from others and share upcoming properties that they may be interested in. It will allow you to expand your knowledge and make a success out of investing in property.
Tip #7 - Do your research
Research is key to finding the right property that is going to be right for you. From location, to property type it is important that you spend time deciding and narrowing down suitable properties. From here, you can identify the risks of each and the potential yield, deciding from there.
Tip #8 - Get the right insurance
Once you’ve decided on the property you want to purchase, you need to do your research on insurance. Look into the different insurance policies and choose the one that covers everything you need.
Tip #9 - Make the property attractive to renters
If you’re buying a property to let, make sure your home is attractive to renters. Keep the space minimalist so they can visualise themselves making it a home. Focus on fixing anything that needs doing before a tenant occupies the property.
Tip #10 - Pick the right mortgage
It’s critical that you purchase the right mortgage to suit how you want to use your investment property. If you want to rent it out then you’ll need a buy-to-let mortgage as a typical mortgage won’t allow you to rent out the property.
We hope these tips have helped you on your property investment journey. If you have any tips of your own, please share them with us!
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