Investment in property can be a very fruitful venture – if you get it right. With the appeal of long-term profit and perhaps a second home to either sell or move into at retirement age, it can be easy to jump in with both feet. But before you start, here are some basics to consider before making your first enquiry.
Choose Your Location Wisely.
If you’re looking for property in the UK, do a little research into the areas which perform the best when it comes to buying to let. Areas that boast a more metropolitan and cultural base are often the best spots for rental opportunities, as they target the rental demographic. While properties in more urban areas may come with a healthier-looking price tag for the seller, there’s good reason. Location is everything. But there will be some bargains out there if you know where to look. Just be vigilant, and don’t jump on a deal that seems to good to be true.
Alternatively, you could look abroad. Like we say, location is everything – so what is restricting you to only look for opportunities to invest in the UK? Europe is on the doorstep and offers some excellent locations to choose from, not to mention a more appealing climate. For example, Spanish property investment trends are continuing to rise due to the affordability of beautifully located villas and apartments.
No matter where you decide, home or abroad, you will be looking to tick the same boxes: value for money, the appeal of the location and, affordability. So, explore your options.
What am I looking for in an investment like this?
In short – longevity. You are making an investment that is designed to give you a long-term profit, so you need to thinklong-term. Choosing a fixer-upper, for example, might take a lot of extra effort, cash, and work, but you will be creating a near-new space with all the mod-cons that will appeal to the rental market. So, if you have the budget for it, it’s worth exploring. If not, ensure that the property you choose is built to last and that the facilities are of a high standard. Flat or villa, it doesn’t matter, a survey and an inspection of the property is a must. This is your future, and you are about to invest your hard-earned income in the hope that it works to your advantage. Speaking of your future, another consideration in terms of longevity – your plan for the property when you are ready to retire from your landlord duties. In the UK, it’s likely that you will probably put the property back on the market and reap a nice reward from the sale. However, if you’re looking abroad, you could opt for a location that offers a lovely place to retire.
So, Where Do I Go From Here?
Based on the tips above, it’s time to start doing your homework. Research the best location options and property types and then look around for the most appealing options. Ask LOTS of questions along the way. You want to make sure the property you choose is in a great location, is worth the asking price, is up-to-date with all the essential facilities, and is going to appeal to the rental or holiday-rental markets.