Five Tips to Start Investing in Property
If you are looking to start investing in property and build a profitable portfolio then there are a few things to consider. Property investment can be very lucrative, and many people have gone on to make a profit. But if you take the wrong advice it could be the difference from making money or losing it all. Below are five tips to start investing in property.
1. Buying in ‘up and coming’ areas
Nothing creates increases in the value of a property than a surge in popularity of the area. Even in declining national markets, certain pockets of the country often buck the trend and continue to rise in value. Predicting where these hotspots maybe aren’t just about luck. Look for places where local infrastructure or transport links are being improved.
2. Don’t run before you can walk
It can be very easy to get ahead of yourself especially if you are looking to make that first investment. But it is so important not to run before you can walk. Listed buildings, complete rebuilds, and multi-home developments are all best left until you have some experience under your belt. Even then, it’s always a good idea to take your time and consult with experts before rushing in and finding yourself in over your head.
3. Budget carefully
Budget is going to be a big factor when it comes to property investment, you want to set a budget and try and stick to it where possible. Remember that your budget shouldn’t just account for the property itself but also the legal fees, utility bills, labour, materials, and any other unexpected costs.
4. Maximise available space
Once you’ve bought a property, you need to make sure you’re making the best use of all the available space to maximise your returns. If the family bathroom is larger than it needs to be, look at whether it could be made smaller and some of the space turned into an en-suite, or extra bedroom space, to increase the value of the home.
5. Invest in training
Another way to get your foot on the ladder is to sign up to a training scheme. This is a great way to learn from people who have already made money from property investing and can share their advice and tips on what to do and what not to do.
If you would like to more about any of our property training days or memberships, you can get in touch with one of the sales team here.