For investors, few options can make your money grow as well as property. With the huge demand for housing in the UK, and the trend for increasing capital growth, property is a very safe form of investment.
But there’s more to getting started in property investment than choosing between a house or an apartment and buying it. There are many things to consider, such as your tax obligations and your legal requirements as a landlord. You also need to develop a property investment strategy that will work best for your circumstances.
Here are the key tips for getting started in property investment in the UK.
Research
You need to thoroughly investigate all the responsibilities and legal requirements involved in property investment. Ensure you closely look at the tax obligations involved to be certain that it will be worth your time.
You will also need to look at how you will fund the investment, needing at least a deposit to meet the minimum eligibility for a buy-to-let mortgage.
Choose a property investment strategy
The most popular investment strategy is buy-to-let, which is buying a property to rent it out to tenants, but you will also need to decide whether to manage the tenancy yourself or pay a management company to do it on your behalf.
You might decide to flip a property, which involved buying a property that needs work, completing the work, and then selling it on.
Find the right location and property
Once you have developed your strategy, then you need to find property in the right location. You might want to choose an area you are familiar with or look for areas or look for locations with good capital growth and high yields to optimise your profits.
If you’re looking for a residential property solicitor, get in touch today.