Investing in property can be a profitable venture if done correctly. Follow these tips and you will soon be well on your way to building a property empire.
1. Choose flats over houses
Most successful investors will tell you that smaller properties, like flats, generate a better return than houses. If your budget can stretch that far, go for a 2 bedroom, 2 bathroom flat. The greater flexibility will make the property attractive to a wider range of tenants so it’s less likely to lie empty.
2. Be patient
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Make sure that you weigh up the pros and cons of an investment before you commit. Always remember that property is a long term investment. If you want to make money from it, you need to be prepared to be in it for the long haul. Don’t put yourself in a position where you’re forced to sell quickly because you over extended yourself financially.
3. Look for ways to add value
One of the best ways to make money out of a property is to add value to it. Renovating bathrooms and kitchens, for instance, will ensure you get a better return when renting the property out and make you more money when you’re ready to sell.
4. Become tax-efficient