3 Top Tips For Choosing A Property To Invest In
Deciding to take the leap and buy an investment property is incredibly exciting, yet also slightly nerve-wracking too. Often it is the start of a new career path or an amazing way to make additional money for you and your family. So, there is no denying that you want to make sure you get things right the first time.
Of course, it goes without saying that the property you choose to invest in plays a huge part in how successful the investment is. If you’re currently searching the market for the perfect property to invest in, keep reading today. Our team at Fielding Financial know first hand the importance of getting this right, so we have put together a list of our 3 top tips for choosing a property to invest in.
Location is incredibly important
Simply put, some areas are better than others and you need to ensure that you’re looking at the best places to invest in property. We can’t stress enough how important every single element of location is. From the local amenities and distance to a city, to the neighbourhood itself – everything that falls into this category matters. Even if you invest in a beautiful house, if the area is wrong you won’t be able to make money on it.
Understandably, houses can be more expensive in desirable locations, so take the local market as a guide to what the area is like. If you’re not familiar with an area and you find an amazing house for a great price, don’t get sucked into this, do your research into the location, this could be the reason for the low price.
Consider the potential of the property
A big part of being a successful property investor is being able to see the bigger picture. Finding a perfect house that needs no work for the price you’d like to pay can be impossible, so it is imperative that you’re able to see the potential that properties have. For example, always keep things such as refurbishments and extensions in the back of your mind.
Usually, if you’re happy to do some work on a property, you can end up getting more for your money. However, remember to be realistic, weigh up how much the work will cost you and how much value it will add to the property. You want to ensure that the time, effort and money you put into a house will be worth it.
Know what people are looking for
It is important to understand the area that you will be buying into and what the people living there are looking for. If you’re buying locally you will probably already have some idea of the types of people who are attracted to the area, but if you’re unfamiliar with the area, do some research and ask experts for insight.
Whilst it goes without saying that it can be impossible to please everyone as people are often looking for different things in a home, in general groups of people tend to have a few similar requirements. For example, families usually want parking and a garden whereas students might want an open plan living area and multiple bathrooms.
Choosing a property to invest in
Using the tips above you can ensure that you are making the right decision when choosing an investment property to purchase. Of course, you should take your time when searching for the right property and make sure that you are patient. The last thing you want to do is invest in something quickly and go on to regret it later down the line.
If you’re looking to find out more about property investment in general, this is something that our team here at Fielding Financial can help with. We offer a range of different property investment courses that will be incredibly helpful to anyone starting out as a property investor. Our courses will provide you with a range of property investment tips and you can trust that they will develop your knowledge and understanding of the industry as a whole. Visit our website today to find out more about how we can support you on this journey.