5 Property Investment and Development Tips
Investing in property can be one of the most lucrative businesses and it appeals to many people, from amateurs to wealthy investors. If you’re considering it here are Homesale and Homelet’s top tips:
Finding the right location is crucial when deciding where to invest. The most desirable area isn’t always the best place to buy. One option might be to choose an up-and-coming area, with decent transport links and respected schools. If you pay a very high price for a property, you may not be able to make more money when you sell, so negotiation is key.
Property can be lucrative but it is just as easy to lose money, so it is important to research before you buy. Find out what the average sale price is in the area (for the type of property you plan to buy), how much stamp duty will be, and how much any other fees would amount to. Also consider how much it will cost to develop and refurbish the property.
Who to buy from and who are you selling to?
You can get a great deal if you find the right seller. Speak to your us and other Estate Agents. Sometimes sellers have circumstances that mean they want to sell the property quickly and this can sometimes mean, for an uncomplicated sale, at a lower price.
When you improve property, think about who you will be selling or renting to. For example, if you are renting the property out to students, be sure to buy strong fixtures and fittings. On the other hand, if you are renting to young professionals, they may expect more stylish fixtures and fittings, and neutral colours, so that they can add their own personality to the property.
Be patient and measured
Try not to be in a rush to buy and wait for the right property for you. There is usually no need to hurry and you want to be sure that you have made the right purchase. Be cautious and look out for potential issues. Be proactive and practical, think about what improvements will add value and stick to your plan.
It may seem as though there are many things to consider when starting to invest and develop property but it all starts with the first step – from here great things can happen.
If you’re ready to take the leap, and for more property investment tips, contact us at Homesale and Homelet, we would be delighted to help you on your investment journey. Call 01244 313900.
For other property blog advice, here’s our key considerations to think about when investing in property.