I speak to many property investor’s, day in, day out, from multiple backgrounds. There are some that are experienced landlords with large portfolio’s, whilst others are completely green to it all and have just started out on their buy to let journey. (And everything in between!)
As well as a mortgage adviser, I am also a property investor myself, and I often get asked when client’s are searching for property;
‘What would you do?’
Amongst many other questions! In honesty, the road to becoming a successful property investor, although rewarding, can be complex, especially if you’re taking your first few steps. Taking advice from somebody who has been there and done it, can often be hugely beneficial.
The answer to the question differs from client to client, but when I
first started out, I would have loved to have some guidance with what
to look for and how to plan accordingly. It’s important to
remember, that everyone has to start somewhere and your first property investment can prove to be a massive learning curve.
Mistakes are likely to be made and budgets destined to be left at the starting line, but for the most part, being armed with knowledge from the beginning can minimize hiccups.
On that note, here’s my overall 5 top tips to help you on your way when deciding on which buy to let property to buy..
- Make a clear plan.
Approaching property purchases as a business to see a return on investment is crucial. Make sure you know the type of property, the area & the tenants.
- Stay in the know.
Legislation & trends are ever-changing, so keep yourself up to date with current affairs and
educate yourself on relevant markets. Attend network meetings, meet
professionals & join a landlord association.
- Assess the location in detail.
Determining the strength of the location of your property and it’s potential for capital growth will go a long way in ensuring the location will consistently attract a reliable stream of tenants.
- Seek advice as early as possible.
Come & see us! Finding out how much money you could borrow and the best plan for you will serve you well when you’re out looking at property, so you know exactly where you stand.
- Keep in touch.
As you become able to expand your portfolio, make sure you’re
taking the right steps in
keeping it profitable by staying in touch with us so we can let you know when it’s time to remortgage and assess the financial side of things.
If you’re considering your options and looking at moving into the property investing sector, we can help provide you with all the possibilities available to you.