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There are several reasons that property investment is a sensible move. Property has consistently proven to return good money, and it’s subject to a lot fewer fluctuations than the stock market. Deciding to enter the property market is easy, and almost logical, but you need to be smart with any financial decisions you commit to. 

If you decide to become a landlord, you can make a stable income from rent payments, but you also need to have the time to manage and fulfil the role for your tenants. Due to all the financial benefits that property investment can offer, it’s a highly competitive market, and it can be challenging to know how to get your foot on the ladder.

If you’ve been asking yourself ‘how do I start investing in property?’, then we’ve got the perfect guide with questions to help you begin.

Determine Your Type of Property Investment

Depending on the level of commitment you’re able to put into your property investment, you’ll be able to find different opportunities to suit your needs. If you have a large amount of money to offer, but you’re pressed for time, you may decide to invest in creating new builds financially. When those new builds are sold, you’ll receive a cut of the profits without having to spend any time meeting potential occupants. Likewise, if you only have a little to invest in property, you may consider seeking advice from a property investment consultancy to make sure you aren’t overstretching.

If you want to be a little more hands-on with your investment, you might decide to spend money on property management! This can include properties that need a renovation, or perhaps an extension. Before being resold or rented out, properties that need work can be bought initially for a much lower price. Still, you’re going to have to work harder and longer to fix them up before you see the accurate return on your investment.

Figure How You’ll Finance Your Investment

Getting your finances in order is vital before you make a property investment decision. Property investment has the opportunity for excellent results, but it is a long-term commitment, and you may not see a return immediately. This doesn’t need to scare you, though! If you can only comfortably part with a little sum, consider a smaller deal to begin with. If that proves to be successful, you can invest your profits and work your way up to larger deals!

If you have an inheritance or a chunk of savings to invest that won’t disrupt your current finances, then you’re an ideal fit for investment deals. You’re playing a long game when you commit to property investment, and property refurbishment can work out much more expensive than you initially figure, so you want to be sure that you’re financially secure before you begin. If you’re considering a mortgage, you also want to do everything in your power to maintain a high credit score. You’re much more attractive to lend to if you’ve got a track record of paying your bills on time, so keep that in mind before you apply!

Final Points to Consider

Before choosing to invest in any property, you want to assess the area that it’s in and the building’s state. Getting a good feel for how much properties around the neighbourhood are selling for or what the average rent payment is will help you understand how much you can expect to make with return on your investment. You don’t want to be charged above and beyond for a property that needs refurbishment if it won’t give you a significant profit, so be informed!

For further advice on how to begin your property investment journey, please contact us at Blue Skies Property Investment. We’ll be glad to help!