Mummy says….Property investment is emerging as a life-changing strategy that is often considered a safer and easier way of making money than stocks and shares. I have been discussing this with my youngest daughter (who is 19) this week, talking about whether it is still possible, and how easy or difficult it may be. Straight-forward investment strategies could allow you to retire early but everyone must start somewhere….
For first time investors, the property investment world will probably seem very daunting as it will be one of the most significant single purchases you’ll make. It is completely natural to have a few concerns and worries, it’s a big decision that potentially could have massive repercussions if you don’t research it thoroughly.
Providing you carry out your research and source the best locations for investment, you will have a great chance of success. One of the top tips to ensuring you are on track for a fruitful future is to invest with
confidence. Follow this property investment checklist, and you can’t go far wrong:
Understanding the process from start to finish
Before you make any major decisions, you must make sure you are completely aware of the full
process and what will be required of you at every stage. First, you should distinguish between
different types of property investment. Are you considering student accommodation or residential
accommodation? Both have different pros and cons but read around the subject to see what is best
for you. So, make sure you understand the process of buying the investment property before you
commit yourself and part with any money.
Perform as much research as possible
Location is one of the most important factors in property investment, as quite often this is the biggest contributor to success. Proximity to top performing schools attract families with young children, universities attract those who are wishing to study in the area and extensive transport links appeal to working professionals to provide an easier commute across the country. Closely considering these amenities will ultimately drive demand for your investment property both today and in the future. Factors like this can also boost the resale value and they become highly desirable properties for many demographics.
Devise a financial plan to ensure your numbers balance
First thing’s first, make sure your numbers add up. Income needs to be balanced against outgoings
to ensure you don’t leave yourself short. You must consider a cash buffer, which is a sum of money
you can dip into if unexpected issues arise like vacant periods whereby you are still expected to pay
the likes of council tax, or cover any maintenance problems that may arise.
Look into the future as well as the present
Property investment can often be viewed as a get rich scheme, however it is not a process that will happen with just luck. Be diligent with your research and discover not only what will work best for you now but in the long term. Consider seeking advice from property experts like RW Invest, or even veteran property investors to gather information first hand.
Property investment is an extremely lucrative way to entrust your money and watch it multiply over the forthcoming years. Be patient, be savvy, and be clever, there is no reason why you shouldn’t make a successful first property investment.
Have you ever considered Property Investment?