Thinking of buying my first investment property: Where do I start ?
Posted on Wed 28 Nov 2018 by Anu Joshi
Thinking of Investing in Property?
Investors most need help when they are buying their first investment property. They have no experience and are nervous about making this important decision. I thought this will help them to understand what services they require and who else can help them in making this decision.
Estate Agent/ Letting Agent services: To identify which area they should purchase their property to rent out.
Estate and Letting Agent: To obtain advice on what type of property they should buy and assist in making their decision.
Mortgage Advisor: Will advise on how much they will require to borrow in order to buy the property.
Accountant: Will help you to understand on how to structure the investment and whether to buy in their own name or a Ltd Company and to do the tax returns going forward.
Builder or Contractor: Helps you to refurbish the property if required and you will need a team of contractors for any ongoing work required.
Homework: In addition, investors will need to do their homework to calculate how much rent they will potentially receive and what their expenditure will be. Are they happy with the return on investment?
Like any business they need to write all positives and negatives. Investors will need to think about their long term objectives and plan in relation to their strategy in property. The questions they need to think about are why are they doing it, what is their goal, what is important to them, and do they want Capital Growth or Income to assist with cash flow. Although there are many questions, with good research you will be able to make the right decision for yourself.
If you would like further advice or guidance, please contact the office on 01902 244200. Keep up to date with the latest properties on our Facebook page right here.
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