How to find great properties to invest your cash into and reap the rewards
Statistically, most landlords purchase properties for investment very close to where they live. But what if that location is not the most profitable? How can you find great investments if you only know your immediate area?
If you're considering investing in property, you will most likely be researching property values and the potential rates of return. But what do you need to know before taking the plunge and buying your first investment?
Statistically, most landlords purchase properties for investment very close to where they live. But what if that location is not the most profitable? How can you find great investments if you only know your immediate area?
Here are a few things you need to consider when searching for investment properties and how to ensure you find the best deals. There is a simple solution!
Research
You need to do your research. What location will you buy in? Who do you intend the target tenant to be? Will you rent to students? Or young professionals in a large house share? Perhaps you are considering a holiday cottage somewhere rural that you and your family can use as well?
Management
What management options are available for the property? Would you be happy if the investment took up your time, or are you really hoping for something 'hands-off' that you can put in the hands of a managing agent to look after things for you?
Budget
How much are you hoping to invest? Perhaps you could purchase multiple properties rather than just one if you consider cheaper properties? A portfolio can protect the investment business overall because you are spreading the risk. If you have one property that is vacant for a month or two, the income from your other properties will cover any costs.
To refurbish or not?
Have you got any plans to refurbish a property, or are you only interested in buying something that is immediately ready to rent out? If you are considering refurbishment, you need to think about the extent that you would be happy to refurbish. A lick of paint and new carpets, or would you consider a derelict building that needs total renovation?
Register with By Design
Once you know exactly what property you want, it is time to start your search. You can, of course, visit the property websites and search for properties anywhere in the UK, but this is very time-consuming and can get complicated if you are open to any location.
Alternatively, you can register with By Design to overcome those troubles. Complete the registration for properties, regardless of the location that suits your requirements. By Design agents work together with a connected database so that any property listed by any of the branches will be shown to you if it meets your criteria.
You only need to register once and will receive emails if the property suits you and your requirements. There's no need to filter through endless sales emails from every agent you've registered with! It is the simplest way to search for an investment property when the location is not an issue.
Get in touch to learn more about how By Design works smarter to help you find the perfect investment property. Or, you can click here if you are ready to register your details and start the search right now!
