Buying your first home can be an exciting time, but it is also one fraught with confusing issues and hurdles which can be difficult to leap. Here at Property Property Property, we know that it can be easy for first-time buyers to feel overwhelmed, trawling through all the estate agents in London (and especially if they view their property as an investment opportunity). Hopefully, the tips given below will be helpful in relieving some of the stress associated with the buying process. Don’t forget to check out our search tool and property alerts service to ensure that you’re among the first to see new properties as they come onto the market near you.
Buying a house is probably the biggest purchase you will ever make, so you need to make sure you are getting what you pay for. Spend as much time as you need on looking at a property because you want it to be right for you. If property investment is your plan, then the same rule applies. Property investment is a challenging, yet rewarding project; use some of the tips listed below if you are a first time property investor.
Do not buy the first property you see
Even if you are in love with the property, you need to do your research and shop around because there might be a better deal. You need to consider a number of aspects, not just how much you love it.
Do not be afraid to ask for advice
If you are confused about your process, then you should ask for advice. By asking for advice, you are avoiding silly mistakes that could potentially be crucial. Property investment is not easy and if it is your first time, then you should really not be afraid to ask for advice.
Work out your budget
Without a budget plan you could cause yourself big problems. The budget is a huge factor in property investment. You need to work out your overall budget for everything; you will need to have a rough price in mind on how much you are willing to spend on the actual property and then another figure for the work you are going to do.
Do not just look at the property once
Go back as many times as you think is necessary. Buying a house is a huge purchase, so you need to make sure you are getting what you are paying for. Make sure you are not taking on a job that is too big for you to handle, otherwise you will struggle to make a decent profit.
Begin with a small project
Do not go straight into property investment with a huge goal, you should start small because you need to find out whether it is right for you. If you figure out half way through the job that you do not like it, then you will wish that you had not created such a huge project. You also need to see what you can do. By all means, go for a larger project after you have experienced the first.
Create a contact book
If property investment is something you are serious about, then it would not be a bad idea to have a contact book that lists a number of people you may need to call; this contact book can include numbers for plumbers, electricians and estate agents. Create good relationships with these people so they will be willing to help whenever they can.
Now you have a few tips on property investment, you can go ahead a begin your project; just remember to take your time. You do not want to rush a property investment project because there is a lot of money at stake; you should begin with a smaller project and then work up to larger ones, once you have got a good idea about what is going on. It is not always going to be easy, but it is most definitely a rewarding job.
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About the Author: Janet is a financial advisor who deals with a lot of property investors. As a financial advisor, she helps people work out a budget and makes sure they are aware of how much money they need to spend. She recommends online tools and calculators to help plan out a budget.