Searching for property investment: Always think before you spend

Anyone who is thinking about investing in a buy to let property, whether they want a single flat or house or they are hoping to add to an existing portfolio, needs to think hard about their investment first. A significant amount of research should be carried out prior to buying, because a property that won’t attract renters will prove disastrous in the long run.

Anyone who is thinking about investing in a buy to let property, whether they want a single flat or house or they are hoping to add to an existing portfolio, needs to think hard about their investment first. A significant amount of research should be carried out prior to buying, because a property that won’t attract renters will prove disastrous in the long run.

In recent years, a growing number of people in the UK have invested in the buy to let property market. Those who are fortunate enough to have had money to invest have had to make an important decision: do I keep my money in the bank which offers very low rates of interest or do I buy a property to bring in an income and hopefully will appreciate in value?

Search new house. Isolated 3D image on white

As always, there’s no fixed right or wrong answer to such a question. There are a number of variables to consider, such as the amount of money that’s available and the state of the current rental market. Those who do look to buy homes, however, stand a good chance of enjoying their purchase, as long as they consider their options before they actually spend.

Make sure you can find tenants

Perhaps the most important consideration of all isn’t about the actual value of any given property; it’s more likely to be in relation to how easy it would be to find a paying tenant in the near future. In some locations around the UK, there is a dearth of potential renters, so every buyer needs to do a little research long before they think about putting pen to paper.

With such a good selection of flats to rent in Paisley, for example, it’s easy to see why the property market in the West of Scotland is so buoyant. Factors like the beauty of the surrounding countryside, the quality of the local schools and the proximity to Glasgow ensure it will always be a highly sought-after destination for those who are looking to move.

Even the wealthiest among us can’t afford to waste our money on poor property investments, so it pays to find out as much as possible about a location before signing on the dotted line. This is especially true of those who are looking to buy in areas they know little about. As always, a little homework at this time can go an awfully long way.

 

Written by Julie Hanson

Julie is passionate about property – development, investment and portfolio planning. Along with husband Alec, Julie is actively building a property portfolio while helping others to do the same.

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