Do you want to dive into UK property investment or at least hone your craft a bit more? If yes then you better read up. We’re dishing out advice from the experts!
Tip # 1: Know your budget like you do your crush.
Have you ever remembered the last time you had a crush on someone? You went into certain measures to get to know all about them. You stalked their social profiles to see what they like and where they hang. You tried to mingle with their social circle but kept to your limitations because you didn’t want to be branded as a crazy stalker. The same is true for property investment. You have to get to know your budget well. At the same time, you have to establish your limitations and make sure that you do not go beyond it.
Tip # 2: Do the same for the properties you’re eyeing on.
Research on the properties that you want to invest in. You have to learn all there is to it such as its features, useful life, market value, depreciation rate, appreciation potential, structural integrity and more. In fact, go for a site visit and call a surveyor to examine it.
Tip # 3: Always educate yourself. Continuously.
You need to educate yourself about the industry. After all, you’re not the only investor who’s trying to win the best properties in town and to be the best you’ll have to get yourself a bag of tricks and a truckload of knowledge. Plus, this will help you make the right decisions and avoid any circumstances that can put you at a disadvantage.
Tip # 4: Aim for the best but be realistic with your goals.
You have to set goals and they need to be challenging but keep in mind that they need to be realistic. Setting impossible goals only lead to frustration. So if you know that you can only afford for a certain type and size of asset then don’t waste your time and efforts pinning for that one that you cannot manage to have whatever the case.
Tip # 5: Consult an expert before renovations or upgrades.
Before you engage in any UK property investment renovations or upgrades, consult a professional first. Not all updates to an asset add value and not all of them are sought after by buyers. You have to make sure that all the costs you put into it will raise its value or else your expenses will be just that. Expenses.