WANT TO LEARN WAYS OF MAKING THE MOST OF YOUR INVESTMENT PROPERTIES?
4 Steps To A Good Investment Property.
- Do your homework and research the property market.
It is important you select a property that offers capital growth or good cashflow if you’re looking to make an immediate return on your investment. Select a property where you expect prices to rise. Furthermore, it is useful to add value through an extension or loft conversion where appropriate. The key however, is to buy at the right price. Seek advice from an experienced agent and do your own research of the property market of that area.
- Ensure the property will provide a steady rental income.
To do this you need to price your property to attract the correct market audience and suit the demographics of that area. It is critical to minimize the voids periods. Be flexible in the rental price to avoid an empty property which will dampen your income return. Top tips are make sure your property is well presented and set the standards as high as possible as it is often a very competitive market.
- Understand the running costs of the property.
You need to understand the running costs of owning and maintaining a rental property. Choose the right finance, calculate accurately and use any tax savings. You need to be confident that you can cover any mortgage payments should the property be vacant or if there are any late payments.
It may be worth taking out a rent protection policy which will repay lost rent whenever a tenant is unable to fulfil their rent obligations. It’s worth noting that the premium is also tax deductible.
- Instruct an exceptional, honest and experienced Letting Agent
A final point to consider is appointing an excellent letting agent who has an in-house designated and experienced Property Manager. A successful landlord is one who is willing to take sound advice, guidance and is willing to be flexible within a fluctuating market.
For further free advice or information on investing in property, call 01932 22 21 20 or visit our Walton on Thames Property Community group on Facebook group for more free advice and property news.