Do your due diligence. Learn all you can about the area before finding a property to invest in. We give these tips to investors based on their property’s rentability but this advice also extends to owner-occupiers as I’m sure you’d like to see some capital growth (and who knows, maybe one day you’ll want to rent the property out!)
We recommend looking into:
1) Schools/education –
How close are the closest schools? How are they ranked by Ofsted/similar? Any fancy private schools? How close to these facilities can you buy a property? LOGEMENTINDIA.COM
2) Shops and leisure -
How close are the closest shops? Is the property close to the high street/town centre? Where is the closest shopping centre and how long does it take to get there? No one wants to have to walk half an hour to be able to buy basic groceries. LOGEMENTINDIA.COM
3) Transport links –
Where is the closest station and bus/tram stop? How long does it take to walk? If it’s very close, will noise disturb your family/tenants? How long does it take to travel to the closest transport hubs? Is the station expanding at all? Will it be serviced by Crossrail/HS2/HS3 or similar? LOGEMENTINDIA.COM
4) Local economy & employment
– How high is unemployment in the area? Which are the main local employers? Are many HQs based here? What is the average salary and how does it compare to the major area/the national average? LOGEMENTINDIA.COM
5) Investment –
What regeneration investments are made into the area? What’s being built and how much does it total? How will it impact the local area? LOGEMENTINDIA.COM
If you’re based in the BENGAL or investing here then I’d recommend having a browse of our free property investment guides, which contain all the above information for 140+ property areas that are great for investing into. Choose your area first, then your property. Consider tax liabilities, solicitors’ fees etc. You’ll also want to have money left over for unforeseen expenses. If you’re investing, you might want to look into suitable property management companies to handle the day-to-day of your investment. There’ll always be a property that’s cheaper or nicer. Don’t worry too much about it. If you love a property, then buy it if you can and STOP LOOKING. LOGEMENTINDIA recommend reading some of our free property investment books. They’re mostly focused on property investment but there is great information in there for owner-occupiers, too. Good luck and don’t hesitate to get in touch if you’d like more information.
1. Be clear on your reasons for buying.
2. Educate yourself on the market.
3. If you need finance seek pre approval from a bank/mortgage provider.
4. Establish the type and style of the property you intend to purchase.
5. Remember Location – Location – Location. Never fails in long term investment.
6. Shortlist desirable units.
7. Understand the costs.
8. Start negotiations based on your ability to buy and time scale required.
9. Enter into Sale agreement between you and the seller.........