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Review your needs and goals
It is imperative that you take the time to think about what you really want from property investing.
Consider how long you can invest
Think about how quickly you need to get your money back.
Timeframes vary for different goals this will affect the type of risks you take for example.
If you are saving for your pension in 20 years’ time, you can ignore the short-term falls and focus on the long term. Over the long-term property investment gives you a better chance of reaching your investment goal.
Decide how hands on to be
Property investing can take up as much or as little of your time as you would like.
- If you want to be hands-on and have the time, then you may want to consider managing your own investment properties. But make sure that you understand the legal obligations and risks.
- If you don’t have the time or knowledge to be hands-on then using qualified and regulated letting agents is a much safer option.
Regular reviews will ensure that you keep on top of how your investments are performing.
Your letting agent will send you regular statements to help you do this.
However, don’t be tempted to act if the prices move in an unexpected direction. Markets rise and fall and if you are a long-term investor then you can ride out the fluctuations.