Start your year with a BANG!

First of all… Happy New Year!

We hope you had a fantastic festive period and we wish you a happy, health and prosperous 2024!

If you’re thinking about starting or refining your property investment strategy this year, we’ve got you covered.  

Setting property investment goals for 2024 might require a little more consideration than it has done in previous years. The current market dynamics are a quite different to what they were and that might be putting some people off taking the leap.

Not us. We understand that investing in property is about being adaptable, resilient, diverse, and spreading risk.

Here's our framework to help you navigate the process:

Self-Evaluation & Market Research

We’ve said it before, but we stand by it… Your investment strategy has to be unique to you and your circumstances. Start by assessing your financial situation. Calculate your available capital, income, and don’t forget to take into consideration, any existing debts. Establish how much you can realistically invest without compromising your financial stability.

Make sure you understand your risk tolerance. Because let’s face it, any investment comes with an element of risk. The beauty of property is that you have a degree of control over it and can set the level of risk that you’re comfortable with. Consider your comfort level with different investment strategies (buy-to-let, flipping, etc.) and potential market fluctuations.

Research and understand property market trends. Analyse different regions, property types, and rental yields to identify your ideal investment areas.

Define your investment goals

Think about what you REALLY want from investing in property? Starting with the end goal might seem a little strange, we know. However, if you don’t know where you want to be at the end of 2024, you can’t work out how to get there! Are your goals purely financial? Are you looking to leave your corporate role? Is it to subsidise your lifestyle? Are you looking to gain financial freedom?

Consider that you have 12 months to achieve your goals and work back from there to refine the best way to achieve them. Do you want to break it down into quarters? Or maybe month by month.

Here are some ideas to get you started:

💷 Aim for consistent rental income and positive cash flow over capital appreciation. Define how much income you’d like to achieve and set a date to achieve it by.

📈 Capital appreciation. The South is PRIME for capital appreciation, much more so than the North. Focus on buying properties with high potential for value increase during the holding period.

🗒️ Hybrid strategy that combine elements of both income and appreciation for a balanced, less risky portfolio.

At Brentor, we use S M A R T goals. Specific, Measurable, Attainable, Relevant and Time based. The SMART method helps push you further, gives you a sense of direction, and helps you organize and reach your goals.

The Plan

1. The budget. Divide your pot between acquisition, renovation, and ongoing expenses.

2. Financing strategy. Work out how you’re going to finance your portfolio. Mortgage options, Bridging, Investor finance…

3. Property selection. Based on your goals and research, shortlist suitable properties within your budget and preferred locations. Check out our Rightmove tips from last week if you need some pointers on this.

4. Get support from the professionals. Whether it’s a financial advisor, mortgage broker, planning consultant, architect, accountant… Whatever the requirement, make sure you employ a qualified professional for advice.

Setting realistic and attainable goals, conducting thorough research, and seeking professional guidance are highly likely to increase and expedited success. Don't hesitate to adjust your plan as needed based on market developments and changing circumstances.