Whatever the state of the national economy, property never fails to retain its status as a safe and reliable investment. Profits follow a largely simple pattern – the more property you own, the higher your returns. Whether you’re a first time buyer, looking at purchasing your second property or already have a handful of homes up your sleeve, now it the time to take your ventures to the next level. Britain’s booming buy-to-let market means the time has never been better to get out there and start working on your tycoon status. Here’s how:
Develop a property investment plan
Flying by the seat of your pants doesn’t quite cut it in the world of property investment. Instead, you should enter 2016 with a clear cut plan of what you want to achieve. Develop both a short term plan, and back it up with long term goals that will keep you on track.
When you’re developing a portfolio the number one thing to avoid is emotional attachment. This can stand in the way of smart decisions. For example, don’t be put off by the idea of buying a small one-bedroom apartment simply because you couldn’t stand to live in it.
Structure your finances
It’s likely you’ll need to engage the services of a lender in order to kick-start your property portfolio. Look for brokers that specialise in property investment as this will give you the option of choosing from a myriad of different lenders and products, as opposed to the offerings of a single banking institution.
Take calculated risks
Risks are an unavoidable part of property investment, and unfortunately not every venture is always going to pay off big time. What you can do to boost your chances of success is take calculated risks, as opposed to wild gambles that could see you win big, or crash and burn. It’s all about finding the right balance, and making sure you never put so much at stake that you’ll find yourself in deep water.
Renovations are your new best friend
The returns on buying up run down properties and giving them a modern face lift can be incredible. If you’ve got the time and the cash on-hand, renovations can be a fantastic way to ‘flip’ a house and sell it for a substantial profit, in a relatively short period of time. You can then use the gains on your next mortgage.
Ready to start building your property portfolio in 2016?