1. Secure your development finance
Treat your investment property as a business that makes decisions based upon numbers and facts.
Finance is one of the most important things to arrange. After all the main aim of property development is to make a profit.
Consult with a specialist lender in the property development business. As well as providing funding they will also be able to share their knowledge and experience. They may also lend money to clients who have been refused by banks. Click here to apply for property finance.
2. Understand housing markets and trends
When considering whether a property is likely to rise in value, study the market trends; whether they are national, regional, local, or street specific. The trends can relate to: areas identified for regeneration; transport networks; good schools, shops and employment opportunities. These trends have waves depending upon the economic cycle of the country and the world.
You can seek help from an expert to enure you’re making a wise investment.
3. Work with others
Join a group of like-minded people who help and support each other. You will find others have skills etc that may complement your own. You can work together for the benefit of all.
For example, you do not personally need to find or manage these investment properties. You can use management companies to do the administration and practical work for you. Contact us for our recommended businesses.
4. Only buy your investment property in UK
Buying property overseas can be a tricky investment. It can be hard to understand your legal obligations, your tenant’s rights, the legal system, the accounting system, the local authorities required declarations, planning systems and restrictions or the taxation abroad.
You will also need to consider how the currency exchange might affect your investment. Make sure you consult a professional financial advisor with experience in overseas property.
5. Find a mentor who has achieved what you want to achieve
If you’re new to property development, find someone who has been there and can help map out your exact journey with you.
Find a mentor who you can trust and understands your specific needs and desires; someone you can work with and supports your personal development. You will achieve your goal more quickly.