Property investment is now one of the most popular investment opportunities available. However, just like any investment, there are risks so any advice and help you can receive along the way can only be of benefit.
Here are the Richardson & Hall top 5 tips for property development. Investment.
1. It’s not what you know; it’s who you know
We have all heard this saying and it is very true in the world of property. Just like in any business field it is good to have a solid network of contacts around you that you can call on when required. Building such networks and relationships can take time and effort but it is well worth it in the long run.
Look to build your contacts through networking groups, other investors, property forums, exhibitions, and training. In the long run you will see the benefits.
2. Attitude is vital
The property route is such an exciting investment opportunity but nothing in life is ever 100% plain sailing, There will be challenges along the way and this is where your attitude is vital. Make sure that on the journey you do the following:
- Stay focussed
- Stay positive
- Enjoy the journey
- Keep learning
If you can achieve the above the property investment journey will be a much more enjoyable one.
3. Take it steady with your first investment
With your first property investment, it is easy to get over-excited and jump in with both feet, however, this might not be the best idea. Start sensible and start small then you can build and grow from there.
Whether you are looking at a single investment or something on a bigger scale be 100% sure of your finances so that your first investment is a success. From that point, you can start to scale up and grow organically other than diving in headfirst and regretting it later down the line.
4. It’s all about the money
Everyone is involved in property investment for the same reason, to make money. That is the focus and that is what we are all looking to do. Some do this better than others, but we are all focused on the end goal. To achieve this, it is vital that you are fully aware of all the financial elements that are involved.
We would certainly recommend that you get some financial help before you get started. Also, consider such costs as the different taxes that are involved, development costs, planning costs, insurance, and solicitors costs.
5. Know the type of investment you are looking for
There are many different types of property investments that you can embark on that offer different risks and rewards. What is important is that you research each type of investment thoroughly, so you are armed with all the relevant information for each one.
New builds and off-plan builds are certainly rising in popularity and that is something that we can help you with here at Richardson & Hall. We can hold your hand throughout the whole process and work with you to create a healthy return on your investment.
There are also property refurbishment projects which are often older properties that need refurbishment to create a newer and fresher look.
If you are looking for property investment opportunities, then we would love to talk to you here at Richardson & Hall. We are always looking to work with new investors where we can partner together to create financial opportunities. To discuss this please contact us here.