Get Back Into The Property Game In 2020
As we expect the market to bounce back this year, now is the time to make a great property investment deal!
Home buyers are back in business once again following the victory of Boris Johnson in the early December General Election. Even though Brexit is still to come, the market appears to have bottomed out and experts predict a spring revival as buyers commit to getting on with their lives rather than waiting to find out what’s going on in the political world! As we enter a new phase of growth in the property industry, it’s time for property investors to get ready to snap up some excellent bargains. Here are some tips to help you get ahead on the property ladder!
Location With Potential
We’re all familiar with the concept of location, location, location, meaning that the reputation of the neighbourhood you’re purchasing in is arguably more important than the main features of the property you’re considering. But when it comes to property investment, there’s a lot to be said for buying in an area that is up-and-coming rather than one that is already deemed trendy. A property in a neighbourhood that has already up-and-come, is unlikely to experience that sudden increase in value that investors are aiming for.
To choose an area with heaps of potential, a professional Shenfield estate agent recommends looking out for any largescale investment and regeneration plans on the horizon, or any significant changes in transport links. If a new train station is opening up or a town centre is experiencing a massive facelift, then these are the areas you should be looking at including in your investment portfolio.
Thinking Ahead
As a property investor, whether you’re hoping to flip the property by selling it on quickly, or else keep it for a while as a landlord, always have your personal plan in mind when you’re choosing the right property to buy. You’ll need to think about your target market to ensure that you will be able to easily attract your own tenants or buyer in order to make money from your asset. So, if you’re buying in a student area, then make sure that the home has plenty of bedrooms and you probably won’t want to splash out on any high-end fittings. Similarly, if you’re hoping to attract families, then make sure you’re aware of the local school catchment zones and amenities such as nearby parks or nurseries that could swing you a deal.
Negotiation Tactics
Once you’ve found the perfect property, try to find out as much about the vendor as you can. Armed with the right type of information, such as if they’re hoping to leave the country soon or need to move quickly due to a new baby arriving imminently, then they may accept a lower price in order to close the deal.
As a property investor, you’ll know never to let your heart rule over your head. So, don’t ignore any red flag issues that you come across. Structural flaws that are mentioned in your survey, or problems with rowdy neighbours could make it more difficult for you to sell your property on in the future, so make sure you know exactly what you’re getting into with this investment deal.
2020 is looking like the perfect year to get back into the property market, so start looking at potential investment homes today!
