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Expert Answers to Biz Questions
Listen in! Pick up some expert advice to a reader's question that we selected from CyberSchmooz.
Getting Started in Property Investment: 4 Quick Tips for UK Investors
Any investor wanting to get started stuck into their new property venture should have an idea of the market of what works and what doesn't. Whether you're a first-time investor or you've been in the industry for countless years, what are the tips to succeed in the property? Below are four quick tips on getting started in property investment, and how to make sure you reap the financial rewards you've projected over the next coming years.
After all, you need to know how those who have come before you have succeeded and made the most of their financial situation. It may surprise you, but investors tend to enjoy high rates of rental income and gain capital appreciation on their investment, but only when they're clued up on the property industry. Going into it initially, you may have no idea what you're doing, but we hope this quick guide helps you along the way and skyrockets you to success.
- Set your sights on a location
Despite whether you're investing in a buy to let or buy to live property, you will need to decide on your ideal location quite early on. Before you decide to work with a property investment company, you will need to know your stuff, especially when it comes to areas around the UK. If you're wanting a buy to let opportunity that is almost guaranteed a high return, then you need to know the best performing locations. According to guides and blogs by RWinvest, these areas are mostly Northern cities such as Liverpool, Manchester and Sheffield. This is also backed up by the recent 2019/20 map from TotallyMoney that details the L1 postcode as a top buy to let area.
- Do in-depth research and conduct due diligence on potential companies
Researching a location is the first step to deciding on your investment. However, doing in-depth research and conducting due diligence on the developer and property investment company is the next step to success. Understandably, you want to secure your money in a stable and safe investment, so this involves working with a reliable company that has a successful track record. Many investment companies will only work with the best developers, but be sure you do your research before purchasing a property. Plus, if you're curious, check out their website to see previous successful properties and testimonials from investors who have found their investment process great.
- Keep within budget
We're all dreamers in some way, but setting yourself a realistic budget and sticking to it is essentially the best way to ensure success in the property investment industry. If you're browsing properties that are well out of your price range, then you're going to be living in fantasy land and never truly settle on a property you love. Think about the idea that you can only buy something that you have the cash or mortgage for, without those two, you wouldn't be able to get either.
- Grow your property portfolio
A strong property portfolio is something a lot of investors continue to wish for, and it's totally possible to reach this stage of your investment career if you're savvy and strategic. Always set yourself a goal and ensure you reach it within a reasonable timeframe. Your property portfolio and the number of properties you own can reflect the type of investor you are. Plus, the more you have to your name, the higher your returns in the long and short-term. We'd suggest always opting to grow your property portfolio in different cities or at least different developments to spread yourself out eventually, rather than restricting yourself to one block or development that may not do as well as projected.
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