Fire safety advice for landlords
- 3 December 2014
- Tips for Landlords
In 2012 to 2013 the fire and rescue service attended 192,600 fires. More than a third of the fires which were in…Read More
6) Always remember costs and go for continuous yield.
Property investment is not a short-term investment. Do not aim at making a huge profit in a year by buying-selling a house. It is very important to consider the yields and costs of the property. Calculate all costs and yields, and expect pure benefits to come in a long-term basis.
7) Consider further away properties
A property in the neighborhood you live in is always appealing since you are able to easily keep an eye on it. However, searching only on the area you live in can only limit your broad possibilities of investment. Have a look at other areas of London, and consider the opportunity of investing far from home.
8) Negotiate the price
You will usually face an overpriced property when asking to buy a property. Bear in mind that you can negotiate the price and that if you have found that property for sale, its owner is in fact looking to get rid of it. Negotiate the price according the area’s average and your budget!
9) Remember the negative aspects
It is essential to always bear in mind the pitfalls of a buy-to-let investment. Consider the price you are paying and consider the fact that property is not a steady business and it has constant ups and downs. You must be able to overcome the pitfalls before you ever enter an investment like this, so always keep in mind that you will face difficulties at some point.
10) Decide the degree of implication you wish to have
Do you want to do viewings, draw contracts and supervise the property, but acquire more money in return? Or you would rather let an agency manage your property in exchange of a certain fee? The degree of implication you want to have is a good aspect to decide at the time of making a buy-to-let investment. Although it involves viewings and contracts, online property portals can be of great help!