6 Top Tips for First Time Investors...
12th April 2023
So, you want to invest your money but have no idea where to start?
We know starting out in the investment world can be a daunting prospect, you have the funds but where should you buy? What should you buy? You might have purchased a property before but in order to generate the best return on your money, you need to consider more than just where you want to live!
We have put together some tips to help you along the way...
1. Investment Experts -
These guys know what they are doing - the best places to invest in the UK, what are good deals, and more importantly, the legalities of purchasing and letting out your investment. Hiring an expert to help is the perfect way to start your property portfolio!
2. Location, location, location -
Cities or towns with universities, large hospitals and lots of job prospects are ideal places to invest in - these areas will have ample tenants for your new venture!
3. Research -
Social media is a great way to find what other investors are doing - and as the old saying goes, if it isn't broken, don't fix it! If they are on the path to success with their investments, its likely they are doing something right!
Take notes of what their living spaces look like, the amenities they include, the spec of the utilities, whether more are making more money with serviced accommodation or HMO's. Learn from people who are already in the game!
We would also suggest attending networking events for investors - these will be great places to pick up recommended suppliers and ideas from others already investing.
4. Preparation -
So, you've found an investment property you like, but now you need to make sure it will work. Spend time speaking to local lettings agents about what they currently rent out and what they would advise you do to generate the best return. This is a great way to suss out the local agents for when it comes to letting your property too!
5. Legal team -
Picking a good solicitor is essential when it comes to your timescales - time is money in this game after all! Do your research - join facebook groups, trawl linkedin for recommendations, do not (and we cannot emphasise this enough) just use the cheapest - if you do, this may be a costly mistake!
6. Target Market -
This is a big one when it comes to furnishing your property - who do you want to attract. Basic and cheap furniture packages will attract those looking to pay lower prices for their accommodation. Would you pay for a 5* hotel and be happy with budget furniture in your room? Furnish your property based on who you are looking to be your target tenants.
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