Investing in property can be a profitable venture if done correctly. Follow these tips and you will soon be well on your way to building a property empire.
1. Choose flats over houses
Most successful investors will tell you that smaller properties, like flats, generate a better return than houses. If your budget can stretch that far, go for a 2 bedroom, 2 bathroom flat. The greater flexibility will make the property attractive to a wider range of tenants so it’s less likely to lie empty.
2. Be patient
Make sure that you weigh up the pros and cons of an investment before you commit. Always remember that property is a long term investment. If you want to make money from it, you need to be prepared to be in it for the long haul. Don’t put yourself in a position where you’re forced to sell quickly because you over extended yourself financially.
3. Look for ways to add value
One of the best ways to make money out of a property is to add value to it. Renovating bathrooms and kitchens, for instance, will ensure you get a better return when renting the property out and make you more money when you’re ready to sell.
4. Become tax-efficient