Becoming a property investor with the uncertainty of the market right now due to the current pandemic can seem like a daunting process. However, investment in property is soaring, unlike stocks and shares which are suffering because of COVID-19. Any property investor, whether you have just one property in your portfolio or ten individually managed properties, will know the importance of setting yourself up for success. If you’re someone who will never accept defeat and must continue to succeed despite what’s happening in the world, we have some tips to help you out so you can make a success of your investment.
There are challenges in every career path, and when you’re passionate about something, it can sometimes be difficult to improve on your skills (especially if you’re already good at something!). However, when it comes to property investment, there is always something new to learn more about, from the best places to invest, to how to conduct efficient due diligence on a developer.
Are you interested in finding out the top tips for property investors looking to make a success of their investment? Read this quick guide for an overview...
Find the best UK buy to let areas
The UK property market is one of the most lucrative in the whole world, and there are various cities across the UK that offer high capital growth potential and generous rental yields. According to RWinvest, the best places to invest include; Liverpool, Sheffield and Newcastle. This is also backed up by the Totally Money buy to let rental yield map, which puts six Liverpool postcodes in the top 25 of the country with the average rental yield for Liverpool sitting at a generous 10%. Savvy investors will find the best areas and ensure all of their properties within these top places. This will then mean they get the best return on their initial investment. If you don’t do your research prior to investing, then you could end up with the property that doesn’t gain capital appreciation over the next decade and that perhaps even decreases in value.
Conduct due diligence on companies and developers
Especially for those people who are considering buying an off-plan or refurbished development, you must first conduct due diligence. Due diligence ensures that your money and investment is protected both long and short term. Whatever company you choose to invest with has to be someone who will deliver on what they claim when selling you a property. Therefore, ensuring they have a track record of successful properties and a long list of investors who would recommend them is the key to success. Companies who treat their investors and clients right will win over more people who are looking to invest through word of mouth so it might be worth asking around what people’s previous experiences are.
Keep building up your property portfolio
After you’ve had one successful property and you start making money on, it’s always recommended to carry on with this and keep building up your portfolio. In the long term, this will generate you an income you could live off, so it’s worth putting any profits from the property into another pot until there’s enough to reinvest. The most successful investors have extensive property portfolios, diversified in many different cities and even countries!
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