Let’s Talk Property: What To Buy, When To Buy & Where To BuyTuesday, January 10, 2017
So you’re interested in property? You’ve made a wise choice, but property investment isn’t for everyone, but it can be a good way to increase your income and make an investment for the future.
Whether you choose to speak to property investment specialists or go out and do it completely on your own, it’s useful to have a rough guide on how you’re going to do it. When you buy your first investment property, you have to get smart. Buy with a business eye and always think of that return.
Consider Your Options
Before you get started or think about putting down a deposit, you need to weigh up your options. Firstly, ask yourself - are you in a position to buy an investment property? If you’ve got the money, or the finance available, and you’re sensible with your spending, then you might be ready to start. But, if it’s a distant dream and you’ve got no where near the amount of money you need to get started, it’s time to save for that rainy day.
Work Out Your Budget
Next, you need to work out a rough budget that you’ve got to work with. Not only will you need to think about the deposit, but you’ll need to work out any solicitors fees that will need to be paid, along with the survey, stamp duty and any renovation work costs. Buying a house isn’t cheap, and there are often surprise costs that pop up from time to time. But, if you get your money in line and invest wisely, you can make a lot of money in the property market.
Scour The Market
With a budget in mind (and even then some), it’s time to see what the market has to offer. At this point, you need to do your research. Take a look at the areas that are up and coming. You might think of buying in your local area, but what if you could make a killing by buying further afield. If you have the time to spend on a project out of town, then do it - especially if you can make a good return. It’s important to get to know the market conditions, as you may think one area will make a good investment, but be totally wrong.
Ready, Set, Invest
Then, you’re going to need to be patient. It might not be the best idea to buy the first property you see. In fact, it might not even be a good time to buy at all. Investing can often be about timing. Sometimes, you need to watch the prices and wait. It can even come down to rates. Sometimes mortgage rates will be higher and you could pay the price, so it might be an idea to hold off until the time feels right.
To Improve Is To Invest
When you’ve found a property that matches your requirements, your work might not be over. Sometimes, you have to work on a place to get it up to scratch. Often, that can be where you make your money. Whether you’re looking to get more on your return when you sell, or get a higher monthly rental rate, you’re going to want to add value to the home by improving what’s already there.