If you are buying a property now then you need to research, research and research to make sure that you are buying a good investment rather a property that will leave you with a hole in your pocket. Here we look at what you need to do.
So you ve seen a property you re interested in. Then you need to visit the road where you are buying and surrounding areas on a number of occasions. Get a feel of what the area is like during rush hour, evenings and during the day. Is a spot where youngsters hang out on a weekend evening? Walk around the roads on a number of nights and you might notice likely noise disturbances.
If you are buying a property that needs renovating make sure you get a number of quotes for the full works. If you are buying and renovating to make money you need to get the figures right at the beginning to make sure you are being realistic. You can ask a RIC surveyor for a report on the property that can include the costs you don t want to end up with a property being sold at a loss.
If you are planning to rent out the property check with an established sole letting agent, rather than a letting agent/estate agent. The estate agent will want you to buy the property to gain their commission and so could withhold the truth. A sole letting agent has no other agenda other than to get a letting property which will make them money and so they are far more likely to give you the true picture.
If the property is not in an ideal area for letting, you are more likely to get unreliable tenants for a cheaper rent which in the long term could be more costly in terms of keeping up the condition of the property. Also bear in mind that there is an over supply of rental property therefore property that you want to rent out needs to be in a good location AND needs to be a good condition.
Areas that are already seeing property price rises are areas that generally have a good demand generally town locations, near amenities, privately owned, characterful or in good condition, with parking facilities and near good schools and employment. However, each area will have a different type of desirable property. A desirable property in a town with a high proportion of pensioners might be a bungalow, near a city it might be flats for young professionals, near schools it might be family houses. You need to do your research for the area that you are interested in. Research, research, research!
If you are hoping to buy property to sell on at a profit you will need to take a view of holding the property on for a few years. With the economy recovering from a recession and cuts in public spending and pay packages the population as a whole will not have a lot of money to invest in property and without that demand, property prices are unlikely to increase very much. Therefore you need to choose your property very carefully so that your property will appeal to as many buyers as possible even when times are lean.
You can make money from property still but you need to research fully and to be sure to buy a property that will appeal in years to come. Take your time and exhaust your line of enquiries before you commit to spending £££££s.
Author Resource:
Debbie Morgan writes for the UK Property Search Engine, http://www.wheresmyproperty.com and http://www.renovatealerts.com , the site that finds property to renovate.
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