Top tips for investing your money in property

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Top tips for investing your money in property

Top tips for investing your money in property

This year is a great one to start considering investing money in property and with so many buy-to-let opportunities or quick sales available now, you’d be mad not to try and secure somewhere to make some money from.

Whether it’s a fixer upper or somewhere that just needs a spruce up before selling on, if you’re buying to let or simply want to make some profit on the sale, here are some top tips for when it comes to investing your money in property:

Have all the correct surveys done

No one wants to purchase a property they think will be a quick turnover to discover once they start stripping wallpaper or removing kitchen cupboards that the walls need to be taken back to the bare bones and completely rebuilt. Ensure you pay for complete surveys to have the best chance of avoiding any surprise issues.

Look into tax rates

If you’re heading down the buy-to-let route, then tax is an issue you must consider carefully. The type of mortgage you require, stamp duty, capital gains tax and income tax are all factors that come into play when purchasing property to let out and if you don’t find the right rates for your needs and money available you could find yourself in trouble down the line should they rise. This is Money has a helpful guide on reducing these costs and beating the taxman.

Understand you won’t see a quick return

On average, it takes around 65 days to sell a house therefore property investment isn’t going to grant you a quick return on your money. Be prepared to wait after initially spending your hard earned cash on your investment, as you go through the process of being handed the keys then doing up the property and finally putting it on the market.

Do your research

It’s important you look into the area you’re considering carefully before putting in an offer. Have the house prices dropped dramatically recently? How does the area fare when it comes to crime statistics? No matter how nicely decorated a home is, if the area around it doesn’t meet a buyer or renter’s needs you aren’t going to see a huge return on your money.

Consider property overseas

With the UK housing market prices steadily going up year after year many property investors are looking overseas when considering where to invest their money. It might seem daunting, considering foreign property markets have very different rules to those in the UK, but wherever you’re looking there will always be a helpful agent you can work with to secure a sale.

The Algarve is a popular location for investors as it sees a lucrative return on sales and even when investors let out the homes in holiday season – don’t be concerned that you might be out of your depth; experts such as Portugal Property are out there ready to assist you. Do your research before getting on a plane, try to avoid new developments and ensure you buy property close to popular tourist areas to see a good return on your money.

 

 

 

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