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How To Choose An Investment Property
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Whether you are new to property investment or you already have a string of properties which make up your portfolio, there are some basic tips you should always take into consideration when choosing a new property to purchase.
In today's volatile market, investing in property is still one of the soundest long-term investment properties you can make, and offers potential returns far greater than other more traditional investment opportunities.
So how do you decide exactly what to buy, and where to buy it?
Location, location, location
There's no magic formula to finding the perfect location for an investment property. It all comes down to research and a healthy dose of common sense. Look at the area your potential property is in. Is the area affluent, or is it run-down and looks like it could do with a complete make-over? If the area has seen better days, are there any plans for regeneration in the near future? If so, then purchasing a property in an area such as this, whilst a gamble, could well be a viable long-term investment opportunity.
Are you buying a property to rent out to tenants ...
... to live in, or are you searching for a business property? Are you buying a family house or a smaller place which would be suitable for a professional person or couple? Is there a university in the area? If so, a large house with plenty of rooms would be ideal for a shared student population.
Is the property worth the money?
As with any purchase you make, you should always do your homework before you make a firm offer. After all, the last thing you want is to purchase a property and find out you paid over the odds for it. You're in this for the investment, so it pays to do your research.
Will the property bring you in the rental income you expect?
This is vitally important information to know, and even more so if you are taking out a buy-to-let mortgage. You need to find out from a professional source exactly what kind of rental income you can realistically expect. In fact, if you are relying on getting a mortgage to purchase, then this information will be essential for a lender to give you the money.
Cheap isn't always the best
So you've found what seems to be the perfect property – and it's at a knock down price. Before you go wading in and making an offer, hold fire a moment and try to find out why the property is so cheap. Most things are cheap for a reason, and in the property game things are no different. Of course, you may have found the bargain of a lifetime, but as with everything it should always be a case of buyer beware.
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