Property investment in the UK has witnessed massive growth over the last decade. A house bought 10 years ago, would be worth around 300% more today. If you were to look at house price growth over a longer period, you’d be amazed by the results. For example, if you had bought a house in 1952, today it would be worth around 90 times more!
At an average growth of 8% per year, a house bought today for £215,000 would be worth in excess of £1million in 20 years! 10 houses bought today for £215,000 each would be worth…….etc.
Even today, as the market shows some evidence of the slowdown, there are pockets of above-average growth in certain towns and villages across the country. It’s the job of the property investor to hunt out these areas and milk them for all they’re worth.
Investing in a property in any part of the UK can turn out to be a very fruitful deal in the long run. However, it can all be very subjective because of the kind of decisions that you take and also how well guided you are towards making those decisions. Considering the bright and promising market confidence at present, it is a good time to start making your plans. These tips would help you get started.
If you are a first-time investor, it is important that you make yourself familiar with many aspects of the market and the real estate deals. Getting a reliable advisor on board is always a good idea to get started as they could be the most convenient source of your information.
Determine the kind of property that is right for you
The second step in making a good property investment in the UK is to consider what you want to achieve from it. And that also determines the kind of property that you should be buying. Ask yourself, after thorough research, of course, whether you seek capital growth, wish to attract rental income or both.
Finalizing the location
This is one of the key factors as it directly influences the value of any property that you buy or sell. If you are looking to maximize returns, it is best to weigh the pros and cons of more than one location before you make up your mind and choose one. The closer you are to amenities like markets, restaurants and transport networks, the higher results can you expect. However, you also need to weigh the long-term potential of a particular location. That would happen only when you are aware of facts that support the different aspects of the market in general and the areas that you are considering along with the rate of progress and development happening in and around that location.
Keeping it sensible at the financial front
There is no doubt about the fact that the best property investments in the UK can yield wonderful results in the long run. However, it is very important to have a sensible outlook when it comes to finances. You should make a sensible budget and make your further plans centered around that budget. That way you would know exactly how much you can afford to spend or borrow vis-a-vis how much you actually need to spend.