Talk, read and get educated… Then plan
If you are interested in investing in property, you should approach someone who is experienced in doing it successfully. Also educate yourself on the basics through reading and possibly also attending property investment meetings. In Chester we have a number of property meetings such as Chester PIN and Cheshire Property Meet.
Through your self education you will develop an idea on what you want success to be for you. The money that you invest should take you in a direction that you want to go. I would advise against a hands off strategy initially until you have a clear idea on what you want from your investment and time. Even if this is not your full time job it is a business and so needs to be taken very seriously.
By understanding your options you can develop a plan that works for you. This plan will naturally evolve into a strategy. Whether you are investing in property to re-sell/flip back to the sales market or to keep as a rental business, this will determine the type of property that will most appeal to you. You may want to be hands on or want help with managing this process.
In Chester you will be able to buy capital appreciating stock within the city. This might be of particular interest if you are looking for long term gain and are not too worried about it generating a high monthly return on your investment. Alternatively you may want to look outside the suburbs if you are interested in higher yielding properties if your primary goal is high cash flowing property. At Homesale and Homelet we are experienced investors so we can talk ideas through with you and help devise an individual approach that could work best for you. Please feel free to call us on 01244 313900.
Research your purchases
You need to know what area you are interested in investing in. To do this you should conduct research by driving around areas of interest, speaking to local people who live there as well as local estate and letting agents. You should investigate what developments are planned in the near future and check out schools and facilities as these can have a huge impact on prices and the market that you are selling or renting to. For more information Homesale and Homelet have a relevant property investment considerations blog post that you may find of interest.
If you decide to rent, manage your property well
Your property should be a high yielding asset but if you or your agent do not manage it properly it could easily become a liability. Many investors choose not to manage their properties themselves as this approach can keep interactions non emotional. It is important that you secure your investment by treating it like a business but that your business is managed well.
If you decide to use an agent avoid choosing the cheapest agent, instead choose a trusted local agent who cares about your property and who you believe will best work to get the right tenants and the lowest possible void periods.
If repairs are needed with your rental property, try to avoid any delay in taking action. If your property is in great shape and well cared for, your tenant will be more likely to take care of it too. If you find the right tenants, they will look after your property, love it as their home and will always try to pay you on time.
If Homesale and Homelet can help with any aspect of your investment journey please contact us. We would be delighted to meet you at your convenience. You can pop into our offices at 18 Grosvenor Street, Chester or give us a call on 01244 313900.