What are your goals? What is your plan? When you invest in property, periodic profit by way of rent as a source of income or equity are invariably the ultimate aim. Residential property should be on the cards for you, given the current climate. The market in the UK is still thriving.
Start off by building sustainably. You might not be in the position to buy a number of properties, but you can start small and gradually grow. Buying to let a property is the most common way to build sustainably, as long as you choose your tenants well and of course, just as important to be a good landlord. Always stay on top of maintenance. Often good landlords make good tenants.
Think about location. Where would you like to buy your first property to let? Either a location where property prices are competitive, or somewhere more high market, where you can charge a higher rent. It all depends on how much you can invest and what your goal is. Research on what’s trending and what are the current best locations to buy to let.
If you let the property, always ensure that the income you get covers any mortgage payments and maintenance, as well as profit. Don’t forget to include profitability as part of your business plan. Sounds obvious but it’s surprising how a property investor will likely just think about covering costs, rather than include profit as part of those costs – their own income.
Are you planning to start a property portfolio? Whether you’re starting small or have plans to acquire multiple properties, please give us a call for a no commitment, complimentary consultation. SG
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