The odds are that you’ve already considered investing in property, having previously researched other articles related to this. You’ve flirted with the idea of property investment, but haven’t quite known where you should get started.
It’s this hesitation that’s stopping you from moving forward and achieving your investment dreams. You’re not alone – in fact, less than 6% of people in your position actually move forward with a property investment. One of the biggest obstacles you need to overcome is knowing where to get started. Take a look at these tips and you’ll find your first steps in no time.
Make sure your finances are in order
Any property investment starts with you taking a good hard look at your existing assets and working out how much you’re willing to invest. This isn’t always an easy decision and it can often be tempting to invest large amounts. You should be aware, however, that it’s never sensible to invest more than you’re willing to lose. Investment should be subsidiary to your existing income, not your main income source.
Secure pre-approval for a loan
If you don’t have the full capital required for your chosen property investment, borrowing money from a bank or lender can be a viable option of achieving your goals. Checking your credit score prior to approaching a lender is an excellent way of knowing what sort of loan value you’ll be offered.
Set clear goals
To make sure you stay on the correct path when searching around for properties, you need to define clear goals. You can work out what these are by thinking about what it is you want to achieve. Many invest in property to strengthen their income in the future – is this what you’re looking for too?
Start saving ASAP
If you haven’t already secured the capital you need to purchase your investment property, you should start saving and budgeting as soon as possible. The sooner you’re in the proper financial position, the better. Although you can work it out yourself on pen and paper, there are also a variety of online tools and apps that will budget for you.
Set out a clear purchase plan
Before investing, you should spend some time creating a purchase plan. This will help you to:
- Work out your strategy
- Set clear criteria
- Develop clear records of your research
- Create an easy-to-follow action list
- Make an educated offer and know how far you can negotiate
Be tenacious and stick to your plan
Property investment isn’t always easy and you’ll no doubt run into challenges along the way. It’s important, however, to remember what your goals and objectives are and to stick with them. Keep your sights set on your dream investment property and you’ll get it.