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How To Become a Property Investor

5 steps to successful property investment

Property investment is not without risks, but with sensible choices and diligent research, it can prove both lucrative and rewarding.

Property investment has soared in popularity in the last decade, and it’s not difficult to see why. In a world that’s too often dominated by the grind of the 9-5 workday, property investment offers an opportunity to escape the rat-race and work for yourself – and with no qualifications or training needed, anyone can do it. It also provides the opportunity to exercise your creative muscles and, if done well can offer substantial financial rewards.

Having said all that, property investment is not without risks – and it’s certainly not as easy or glamorous as it’s often made out to be on television. But with preparation, dedication and a large helping of common sense, it can be both a lucrative and rewarding venture. Here’s some advice from professional property managers, Balgores property management.

Plan your business

Without due care and attention, property investment can be a bit of a minefield, so, before you start, it’s important to draw up a business plan that will help to keep you on track. Think about whether you are looking for long term or short term gains – for example, if you are looking for a quick return on your investment you might want to sell the property as soon as it is ready, whereas if you’re looking for longer term gains you might prefer to rent it out. A business plan will enable you to determine your specific aims and objectives, and map out how to achieve them.

Do your research

To succeed in the property investment market, it’s vital to do your homework – the more informed you are, the more likely your investment is to succeed. Research every aspect of your investment – the market, the type of properties you’re interested in, and your preferred locations. It’s also crucial to keep in mind the type of people you want to sell or rent to as this will help you to determine the end product.

It’s also important to make yourself aware of the risks involved in property investment. Buying a property is a serious commitment and if things go wrong you could find yourself in a lot of debt, and could even lose your home – so make sure you are in a secure financial position and go into it with your eyes wide open.

Choose your location wisely

When it comes to successful property investment, choosing the right location is key. However, don’t fall into the common trap of thinking this means buying in an already popular area. Instead, keep your eye out for properties in areas that have the potential for growth or gentrification. This is sometimes easier said than done, but planned developments can often be a clue that an area is ‘on the up’. For the best returns, make sure your investment is near amenities, schools and good transport links.

Pay the right price

When it comes to buying a property, make sure you don’t pay over the odds. Research the selling prices of similar properties in the areas to make sure the one you’re buying isn’t overpriced. It’s also really important to get a survey done to rule out any structural issues that could prove costly in the long term and, if you are buying a renovation project, get estimates for any work that needs doing before you put in an offer or you could find yourself out of pocket. And of course, don’t forget to negotiate! It’s surprising how much you can sometimes get off the asking price, especially if you are not in a chain and / or are a cash buyer.

Managing your investment

Last, but certainly not least, make sure you have a plan in place to manage your investments. Investing in property can generate a lot of admin, such as marketing, rent collection and maintenance, and without a proper strategy in place, you could find yourself slipping behind on key tasks. In order to get the best from your business you may want to consider calling in the professionals, who can handle the business for you, leaving you free to focus on making more investments and building up your property empire.

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