Property investing can be incredibly challenging and there is certainly no “get rich quick” model. However, the rewards can be well worth the wait and the investment.
Here are some of our lessons learned so we can save you from making some of the most common mistakes:
Expecting Too Much, Too Soon
You agree your purchase or hand over your healthy investment and expect to be funding your first class ticket to Dubai the following month. Well, we hate to be the ones to break it to you but property is a long game and your returns will not arrive straight away.
One of the huge perks of investing with us is that you can understand exactly what your return will be, when it will be and you can hand over all of the risk to us. If you’re making the decision to invest in property on your own, be warned, you get out what you put in and if you’re cutting corners and seeking out those cheap wins, there might be a few bumps in the road to come.
Right Property, Wrong Location
What’s the saying? “Worst house on the best road”? Well yes, to a degree but only if the surrounding roads and area are desirable and right for your strategy too. Would it attract the right kind of tenants or buyers? Is the strategy for the property right for the area such as HMO, serviced accommodation or family home.
Forcing the Numbers
You see a property, you think it’s ideal. It ticks all of the boxes on your viewing checklist and you fly straight into putting an offer in, right? WRONG.
You MUST do your due diligence.
Calculate the cost of the refurbishment
Look at nearby sold prices on Rightmove and Zoopla
Are there any similar properties on the market nearby so you can get a live price comparison
Have you spoken to the agent about rental prices in the area?
Do the numbers work with your strategy?
Are there any plans for future regeneration in the area?
Only when you have worked through the numbers and fully understand how they work with your strategy, should you place that offer. The last thing you want to do is start messing agents around.
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