Buying property can be a great way to make a lucrative investment but how do you know which type of property to buy and exactly what your options are? Should you buy something big or small, in an up and coming area or somewhere that is already established? It is important to know what you are doing when you invest in property and if you are a first time buyer, then you will need to be prepared to do lots of research first.
One of the best things that you can do is contact a specialist property consultant like Flambard Williams for some professional advice. They will be able to help you to find a property that suits your budget and your needs, and they will work with you to find a property that will be a good investment for your personal situation.
Small or Large?
Knowing whether to buy a large house in a suburb or a centrally-located apartment is tricky without insider knowledge of each market. Where in the UK you want to invest will make a huge difference in terms of knowing whether to buy a small or large property and this is something that you can get advice about from a property consultant.
How Many Properties Should I Buy?
Another commonly asked question is whether it is better to buy lots of small properties or one large one and again, your budget and the area that you want to buy in will help to determine to answer to this question.
Consider the following:
- If you have more than one property, you will have more maintenance work to do
- Make sure you have enough time to take good care of each property if you choose to buy more than one
- If you want to buy one large property to rent out, ensure that it is located somewhere attractive such as central London, as it can be a lot harder to find renters prepared to pay big money
It is also worth bearing in mind that if you choose to buy one large property that isn’t always rented out then you won’t always have an income, whereas if you choose to invest in multiple properties; it is more likely that you will have an income coming in from at least one of them all of the time.
Consider the Location
The area in which you buy your property will affect how much you can ask for in terms of rent and the location will also affect the long term value of the property if you want to make a profit when you sell it. Location, location, location is a term that is widely used in the property industry and for good reason – it really is the most important thing to consider when investing.
While the size of the property and the amount of properties that you invest in are all important factors to think about, where you buy is the most important and this is something that any good property consultant can advise you about.