Whether you’re a first-time property investor looking to become a landlord, or you’re a seasoned professional that is looking to grow a portfolio, investing in the right property is imperative for ensuring a good return on investment.
There are a few different things you need to take into account when looking to invest, we’ve put together our 3 top tips for identifying the best investment opportunities.
Something that you must think of before moving past the initial stage of your property investment journey is budget. How much should you be spending, and most importantly, how much can you realistically afford? Do your research into the market and ensure that the property is being offered at market value with room for capital growth.
If at all possible, try and secure a deal. Many vendors are open to negotiation on the sale price and will be able to budge just a little for the right buyer. If you’re a cash buyer and you can promptly proceed you may be an even more attractive buyer to the vendor, and it’s worth asking if they’re looking to sell quickly as they may then be open to lower offers to secure a quick sale.
Location, Location, Location!
Location might just be one of the most essential parts of the process to get right. Make sure you’re searching in the right postcodes – buying the best property in the worst area certainly won’t reap any kind of benefits when it comes to letting the property out. Ensure you’re aware of where the attractive areas for tenants are, and what is around the property. If it’s close to amenities and transport links, it is likely to be a more attractive option to tenants than if it was in an area with nothing around.
Take a look at the future plans of the area. If there is going to be a major investment, it may end up being a very popular area. It’s best to get some good advice on this, as it can be a gamble investing in an area that hasn’t currently had the investment.
Talk to the experts!
One of our biggest and best tip is to talk to the people in the know. If you’ve got friends or family that are already investors, find out from them what makes them invest in a property. Your local Belvoir expert is also a highly-trained specialist in buy to let investments. They can ensure that you’re going to be making smart investments that will hold value. They can also advise what properties the current marketplace needs to help find tenants for the property quicker, and avoid void periods.