For many years, buy to let has been the highest performing financial asset, and so many people are turning to estate as a main source of revenue. As a first-time investor, it’s important to know where to begin and how to make informed choices when acquiring investment property. Knowing a few crucial things might be the difference between earning an ordinary wage and getting the most out of your money. So, read on to learn our 3 top tips for first-time property investors to begin your real estate journey today.
1. Location is crucial
The area in which you invest might mean the difference between success and failure. Some investors like to restrict their property searches to the locations closest to their homes for ease of administration and contentment, but if you’re wanting to get the most value for money, you should think about expanding your search to attract working tenants. If you’re a hands-off investor who hires a management company to take care of your property, there’s no restriction as to where you purchase.
2. Be sensible when it comes to finances
There’s no denying that buy-to-let can be lucrative, and many landlords rely on their properties as their primary source of income. However, although expanding your property portfolio might help you maximise your profits, it’s also crucial to have a level head when it comes to your money. Make budgets and figure out how much you can loan, whether you’re buying with cash or a mortgage. There will be tax consequences and other expenditures to consider, so make sure you are well aware of them before deciding to buy.
3. Think about the type of landlord you want to be
Those landlords who want to be more hands-on will be responsible for finding renters, conducting viewings, and overall property maintenance and upkeep. If you are short on time or have many homes in your portfolio, letting agencies may manage your home for you, which means you’ll have less participation in day-to-day tenant interactions and ongoing upkeep.
Here at #1 Property centre, we’re delighted to offer professional real estate services as well as property management services in all locations. So, feel free to contact our expert team for all your property buying and leasing needs.