Property Investment: Top Tips For A Top Start

 There are many kinds of investment out there in the world but one of the most talked about is property investment. Investing in property was once one of the gold standards of investment due to the fact house prices are pretty much consistently on the rise. It all depends how long you plan to hold the property for, but in most cases so long as your outlay is reasonable and you don’t spend a packet on the work you’ll make some money back and start your journey to success through property investment. There can be many pitfalls on the way though. Try not to apply advice wholesale. Instead, look at your own circumstances and see how it can best help you and your own situation. Everyone is different. Some have more trade experience than others. Some have more money to put into the project, or merely more time to give to the project that’s why you can’t always look at others and should only try to focus on yourself.

What Kind Of Investment Are You Going For?

It’s important to know what type of investment you want to push for. It might be that you want to buy and hold, wait for the prices to inflate and then sell afterwards.You might want to look into converting a house, or maybe you’re completely building a new house or even multiple houses from scratch. The point is you need to ensure that you know what kind of investment you’re going for so that you can lay out a well founded plan. It might be that you’ve got good experience with one as a tradesperson, or that you know which will work in any given area. If you don’t think you have leverage and aren’t sure then you need to make sure you do as much research as possible so that you can properly make informed decisions around which kind of investment you want to push into.

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Try To Up Your Hands On Skill

Flipping a house is all about profit. Paying tradesmen eats directly into your profit. To get around this as best possible you need to ensure that you skill up in a certain area. It might be that you want to learn stuff in a certain area. This might be electronics, or plumbing or even something simple like painting. These skills really help, like laying flooring or tiling. If you can pick up one or two key skills then you’ll be well on your way to cutting the costs and increasing the profit. The more proficient you are the less time it will take you too, meaning you can place that time elsewhere to drive the profit margins up as high as you possibly can.

Know The Area

Researching the area is really important. It’s the reason why a lot of property developers start in an area they know. It’s because they’ll know how much they can get the property to sell for. If you’re going to a new area, a new city or even a new country you really need to ensure that you know the property market in the area. Research how much houses sell for. Have any others been renovated and flipped recently? Check the purchase and sale price and you can work out the yield. Check with the local council to see if there is anything new in the area which could impede the profit. Are they building factories in the area or new roads which could bring house prices down? At the same time, think about how these might send prices up. Like new schools, or a better road connection. Knowing the area is a key step in the research. 

Stay Legal

You’ll be surprised by how many loops there are to jump through. These of course change depending on where you are investing, so be sure to check up on local administration and laws to make sure you’re legal. This applies to building permits, working at height permits, and planning permission in general. It isn’t easy to keep track of all these. Getting tax right is important too because it might come back to bite you if you get it wrong. If you’re worried about this kind of thing there will be advisors you can go and talk to who will make sure that you get everything right. If you wanted to save on the cost of hiring advisors you’d want to do it yourself, just know this will take your time up when you could be working on the home.