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 for investors.
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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 illiminates the risk of delays and further problems.
Tip #4 - Decide between furnished or unfurnished
For many new build properties it makes sense to opt for furnished packages so you don’t have to worry about the décor making it ready for tenants to move into. 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 individual 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 with no rental income and incurring costs.
Tip #6 - Network with other investors
It’s important that you connect with other property investors. LinkedIn is a good way to connect and discuss experiences and share tips with one another. It's also a great way to discover potential investment opportunities that you wouldn't have found before.
Tip #7 - Do your research
Research is key to finding the right property that is going to work for you. From location, to property type, to budget; it's important that you spend time choosing the right investment for you. It is often a good idea to speak to a property expert who can give you that much needed advice before commiting to an investment.
Tip #8 - Get the right insurance
Once you’ve decided on the property you want to purchase, you need to also do your research on insurance. Look into different insurance policies and choose the one that covers everything that 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 improving before a tenant occupies the property and ensure that you document the condition to avoid any problems in the future.
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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