It has been proven over years that property is one of the safest investments, but to make sure that property is the right decision, you need to ask yourself:
What is important to you, and what it is you wish to get out of your investment property?
Are you a Landlord where you are purely looking for rental yield? In which case, smaller units like 1 and 2 bedroom apartments are likely to give you a better annual yield,
Or, are you thinking of a larger property: which is more likely to give you a lower annual return but greater capital growth?
Most importantly – you must remember this is a business venture not a personal one. Buying the right property is vital if you are to extract the maximum return from your property.
Taking advice from a good agent who has extensive knowledge of the local area and the lettings market is crucial to ensure you find the right type of property to invest in, as they say Location, Location, Location is everything. Demand in the area and rentals being achieved are also essential if you are to make a sound and profitable investment.
Don’t forget careful consideration must also be given to the kind of Tenant you want to attract. Having the right sort of Tenant is equally as important as finding the property itself.
You also need to consider whether your wish to self-manage or use an agent. Did you know that statistics show that being a Landlord can take up to 15% of your time! Do you have the time in your busy schedule to collect the rent, carry out management visits, deal with maintenance problems, all of which need to be carried out in a timely manner. Remember a good Tenant is a happy Tenant. Not to mention keeping up-to-date with the ever changing lettings legislation.
So why bother with an agent – because you need to get it right and a good agent will get it right for you.