Property investment can be fun and financially rewarding, but also – especially if you are just starting out – daunting. Buying a property for the first time will require the outlay of a significant amount of money that you could find hard to come by. Furthermore, naivety on your part leaves you risking shooting yourself in the shoot. Here are 6 vital resources for helping to prevent major issues arising.
A well-regarded online repository of advice
Your own knowledge of the market
Whatever trustworthy advice you learn online, you can augment with whatever you know about the particular property market that you are eyeing. The Property Speculator observes: “Many property investors specialise in a particular market because they know it well.” You could benefit from following this route if, for instance, you know the ins and outs of a nearby city with a buoyant population of students. You could then have their needs in mind as you choose property.
Money to spend investing in your chosen property
If you will be a first-time investor, you might need to first have a large pool of monetary savings at hand – even if you will be seeking a mortgage. Many lenders expect investors in your situation to use a lot of their own cash to fund their first buy. Furthermore, once you do have enough cash saved up, you should still meticulously compare different mortgage deals as you seek the best one for you.
Construction materials for use in developing the property
Chances are that, over time and as you see fit, you will progress beyond mere property investment and become a property developer, too. In other words, you could utilise some DIY skills as you add more physical features to an acquired property or give it a thorough refurbishment. For all of this, you will need suitable build materials; thus, remember to factor in the costs of these.
Further advice from a mentor
Even well-known entrepreneurs such as Richard Branson and Karren Brady have recommended mentoring for use in reaching better fulfilment and success. Your own mentors could come in the form of property investment consultants at Flambard Williams. These people can assist you in identifying fresh and promising opportunities for extending your success in investment.
Later, returns from a large portfolio of properties
Once you are amassing a steady income from one property, you could use some of the returns to help fund another property purchase and so grow your revenue and profits even more. However, The Property Speculator warns: “It takes a portfolio of quite a few properties to produce a regular income of sufficient size to live on.” Your savings from just one property could, thus, be meagre.