These days, many retirees are turning their backs on conventional pensions, and instead, are investing their money into property. The buy-to-let market is particularly lucrative, allowing investors to generate profit from rental income and long-term capital growth.
However, in order to make enough for a secure, comfortable retirement, it’s imperative to develop some form of property portfolio (though how large you want to grow it is entirely up to you!). If you’re looking to invest in property in the UK for your retirement, here’s a guide detailing how to do it.
Property Seminar Tip – How to Build a Property Portfolio
- Establish what results you want. Of course, we all dream of retiring to a luxury villa in Antigua – but in real terms, what sort of pension fund would look ‘good’ to you? Work out what sort of realistic results you’d like to generate, as this will help establish what level of property investment you need to engage in.
- Work out a budget. You’ll require some form of initial investment to purchase your first house, plus you’ll probably need additional finances to bring it to rentable standard. You’ll also need money for legal fees and insurance etc. If you need assistance working out your budget, a good property investment agent will be happy to help.
- Don’t bite off more than you can chew. It’s better to start moderately and build your portfolio over time than dive in at the deep end. Good properties to start with tend to be low-maintenance, in an already established area – and you may want to think about hiring a letting agent to manage it for you too, as it makes life a lot less stressful.
- Play hardball. This is your future retirement we’re talking about, and as such, it’s vital to purchase your buy-to-let property for sale as cheaply as possible, in order to maximise profits. Explore the option of buying a house at auction, as this is a great way to discover bargain properties; or alternatively, a property investment agent is likely to have plenty of competitively priced houses on their books, which won’t be available to the general public.
- Work out your tenant demographic. Before you start searching for buy-to-let property for sale, identify what sort of tenant you’re aiming for, as they’re likely to value different attributes in their rented accommodation. For example, renting families will want to be close to local schools, but young professionals may prize proximity to transport links and the city or town centre. Remember, it’s vital to select a house that appeals to tenants as much as possible.
Expert Help with UK Property Investment
If you’re looking to invest in UK property as a way of providing financial security for your retirement, it’s important to work with a team of experts, who will help you to get the best results possible. The Buy2Let Shop are property investment agents in London, who offer a range of services, designed to empower your investments and make your money go further. To find out more, visit The Buy2Let Shop website today.