Investing in property in the UK is a shrewd financial move. In uncertain economic times, bricks and mortar tend to hold their value well, plus the huge numbers of tenants seeking a home means your properties are likely to be in high demand.
If you’re exploring property investment in the UK, and want to learn more about growing your portfolio, read this handy guide first.
Property Investment in the UK: Tips to Grow Your Portfolio
- Treat it as a business. Right from the start, it’s important to view your portfolio as a business. Like any other business, you’ll need to do some number crunching to begin with. Work out how much you can reasonably afford to invest into property, and ascertain what sort of returns you need to generate to make it worth your while.
- Be realistic. It’s imperative to gain good understanding of the market, and what you’re likely to generate in profit. The only way to find this out is to research the market, attend property investment seminars, and speak to experts – who can give insight into current market conditions.
- Get your finances in order. If you require a mortgage, check that you’re eligible for one before you get started. In order to purchase buy-to-let property for sale, you’ll need a specialist landlord mortgage, which has different terms and conditions attached. If you’re planning on buying a house at auction, remember that you’ll need to have a mortgage in place before you bid, and you’ll also be required to pay 10% of the final price upfront.
- Understand your target market. It’s a good idea to start in a particular niche when you’re building a property portfolio. The main types of tenant are students, young professionals, workers from other countries, and families. Different properties will appeal to different people, and it’s important to select the right buy-to-let property for sale that attracts your target market!
- Decide on management. How do you plan to manage your properties? Most property investors tend to employ letting agents; who take on all the responsibility, in return for a fee. You can expect this fee to be equal to around 17% of your total income, on average. It goes without saying that you should shop around for the right letting agency firm. Remember, the cheapest isn’t necessarily the best – look for the company with the best local reputation.
Property Investment Opportunities with The Buy2Let Shop
If you’re thinking of growing a property portfolio and you’re seeking to invest in property in the UK, talk to The Buy2Let Shop team. We’re specialist property investment agents, and we’re here to help you find the right properties, at the right price.
We’ve got a range of houses not available to the general market, plus we also offer assistance with buying a house at auction. Additionally, if you want to boost your knowledge of the current property market, you can attend one of our property investment seminars in London. To find out more, simply visit The Buy2Let Shop website today.