A Beginner’s Guide To Property Investment
- 21 Jan 2022
Investing in property is as rewarding as it is risky. That’s why learning about what you’re getting yourself involved in is always highly recommended before you set out to buy a new property or build on a portfolio. Learning about property investment can feel a little daunting, given the amount of resources available on the internet, some recommending contrary strategies and tactics. So this short beginner’s guide is set up to prime you for your journey into property investment, providing information and resources that’ll help you to invest with confidence in the future.
When you’re new to property investment, there can be no substitute for taking a class with experts in the field, like those offered at assetacademy.co.uk. You can learn all you like online through blog posts and YouTube videos, but sitting down with property investors who’ve been in the field for some time will give you the chance to ask questions and learn quicker. Meanwhile, these classes also give you the opportunity to show your tutors some properties you’re interested in investing in – with feedback helping you to learn what to look out for when you’re thinking of making an investment.
The property market in the UK remains buoyant after two years of the COVID pandemic. Still, there are dangers that are worth considering when you’re thinking about potential properties to invest in. These include:
• What is the market like in the neighbourhood that you’re targeting?
• Are there any proposed disruptive developments in the area that could reduce the value of properties around it?
• Is the property new or old, and can you check whether it’s vulnerable to damage or structural issues?
• Is the neighbourhood considered up-and-coming, or has it reached its peak?
All of these considerations should inform whether you’re targeting a sound investment in a property or whether you might be vulnerable to losing money on your new asset.
As well as consulting with tutors and teachers on property management, you’ll also engage with a number of other experts when you’re considering investing in a property. For instance, you’ll certainly need lawyers to help you sign contracts with certainty. The same goes for surveyors, who’ll be crucial in helping you understand exactly how the property is built and what you may be able to do with it. Developers, finally, will help you learn what types of planning permission you’ll be granted on a property – in case you’re interested in building an extension to increase its value in the future.
Once you’ve invested in a new property, your responsibilities don’t end there. You’re going to have to manage the property, whether you rent it out of fill it with builders. This takes time, patience, and good planning on your part and should be something that you consider before you make your purchase. Apps aimed at landlords and investors can help provide guidance if you’re completely new to property management.
Start your property investment journey today with these tips aimed at beginners to help you learn about the various responsibilities you should be aware of when targeting the purchase of a home.