If you are considering your first property investment and you are looking for some expert advice, you have come to the right place! Follow our top three property investment tips below, to help you secure your ideal property and maximise your return on investment.
Tip 1 – Do your research
Look at potential property hot spots. Choosing the right area to buy your property is crucial to protecting your long-term investment. Read up on industry news, and look out for any major development plans, such as local transport networks.
Tip 2 – Manage finances
To ensure your first property investment is successful, you must be able to keep on top of your finances and learn to budget well.
After the initial purchase of the property, you will also need to consider legal fees, development costs, materials and labour, as well as your monthly bills. It is also a good idea to keep additional savings aside, for any unexpected costs.
The most important calculation you need to be confident on is your return on investment. What profit will you see if you sell the property and what can you expect to earn by renting it out?
Tip 3 – Utilise Space
In order to maximise your returns, you should carefully evaluate the space within your property and look into any expansion possibilities. This could be in the form of a loft conversion, a conservatory, an extension, or by going underground and adding a basement.
However, before thinking about extending your home, you may be able to improve the existing space, by playing around with the layout and repositioning or removing walls.Tags: development, london, property, property developer, property investment
Categorised in: News
This post was written by Innermedia Ltd