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8 Tips to know before buying an investment property

So the saying goes: “There’s nothing safe as houses” and it’s a phrase which has stood the test of time in demonstrating how real estate investment can be a great move for anyone looking to get a good return.

If you’re already on the property ladder, you might be considering buying an additional property to rent and make yourself a bit of extra spare cash in the process. But buying your first investment property can be a daunting task, if it’s unchartered waters that you’re sailing into.

Here are eight top tips on what to look for before you buy.

  1. Check out the area – is it a good one to buy in? Perhaps there is some development on the cards which will make it a much more appealing place to live in the future and maximise your investment.
  2. What are the house prices like there? Are they on the up? Look at similar properties on the market and compare them, to get an idea of how positive your investment might be.
  3. Is the location desirable for the type of tenants you want? For instance, is it close to good schools, shops, universities, good transport links etc?
  4. Ensure you’ll get a steady rental income – are there tenants looking for this type of property in your area already? A good estate agent should be able to advise you.
  5. Decorate to appeal – keep colours neutral and the property clean, attractive and appealing, to help bring in the best tenants you can find.
  6. Get a reliable and trustworthy estate agent/ property manager on board – not only will they be able to give you a heads up on the best investment properties, but they’ll manage the tenants for you, chase payments etc, removing any future stress from your shoulders.
  7. Check your budget before you buy and ensure any income will cover your costs. Make sure you can afford the mortgage repayments and any repairs that might be needed, with a bit extra in your pocket from the rental income you’ll receive. Remember, your investment needs to bring you a good return and the last thing you want is to have to sell it when you’re not ready.
  8. Have the property thoroughly checked over – is it in good condition or could it be in need of repair? This can mean hidden costs. Check the age and condition of the building before you buy and know what you’re taking on.

To find out more about making a great investment when buying an additional property to rent out, get in touch with us today.

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