Get the research right to buy the right property
If you read the press, then you might think that making a profit as a property investor is as easy as pulling a name out of a hat or putting a pin in a piece of paper. But if you want to ensure your property investment doesn’t turn out to be a horse that falls at the first hurdle, and instead finishes at the top of its class, you’ll need to do some serious property investment research.
Okay, enough of the clichés! The title of this blog promises five need-to-know property investment research tips. Here they are:
1. A property investor always has a research strategy
You’ll need a property investment strategy that takes into account your personal aims and goals, as well as your financial position. But whatever your investment strategy, you’ll also need to research every opportunity that comes your way.
Researching properly is hard work, and can take a long time. To reduce this time, build a strategy that gets all the answers you need as quickly as possible and makes certain that every opportunity presented to you is researched in a standard way.
2. Research the market
Too often we meet property investors that believe success in property investment is all about the property. They ignore the area – and we’re not just talking about a town or suburb, but right down to street level. Then they buy a great property that will never sell or rent because it’s in a terrible location.
Make sure you research the location is right before considering the property offered. Avoid areas where the crime rate is high; look for good public transport, schools, and parks; shopping centres close by also add value; and signs of regeneration are signs of an up-and-coming location.
3. Is the property a viable property investment in the area?
Some streets will provide better capital growth than others, and others will provide better opportunity for the buy-to-let property investor. Look at the property and the people who live in the local area. Then select the property that will have the highest demand. A one-bedroom flat near a school will be less in demand than a good size family home, for example.
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4. Find the real property value
Speak to local agents, visit the area, and discover what the real price for similar properties are. If you’re a buy-to-let property investor, find out what the real rental income potential is by calling agents as a landlord and as a potential tenant: the real rental price will be between the high value (that you’ll be told as a landlord) and the low value (that you’ll be told as a tenant).
5. Never think that you don’t need to research
Investment research is a key element of successful property investment. Never believe that you don’t need to research an opportunity before buying: plunge in at the deep end, and you may find yourself drowning.
Don’t make the mistake of thinking that all property investments are good investments. Though property is proven to be an amazing long term investment, especially for the property investor who wants to benefit from passive income, not all property investments are equal.
On June 4th, I am presenting an exclusive seminar that will help you understand our unique five-step research and property selection process. But that isn’t where I’ll stop. I will answer the questions of how to make money from off-plan and new build property over the next five years, how to handle the tax changes and a low growth environment, and how to manage property effortlessly (among a number of other key issues for property investors).
To book your seat at the seminar that will answer “Where’s the money coming from in the next five years?” click here now.
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If you're an overseas investor, or just can't make it to Wembley on the day, you can watch the live stream in our online webinar. Register your interest here.
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