Tips for Property Newcomers
Our founder, Kelly Hopkins asked her LinkedIn followers what advice they would give to those starting out in property. This is what they said…
→ Remember it's a numbers game, remove emotion from decisions.
→ Property isn't a liquid asset, it's about the long game.
→ Always factor in a continency fund.
→ Remember the additional costs that occur when purchasing a property ie. stamp duty, legal costs, surveys etc.
→ Ensure the above costs are factored into any expected return calculations.
→ Master the basics before considering more creative strategies.
→ Get advice from a specialist tax adviser before purchasing to ensure that you're set up in the most tax efficient way.
→ Invest in your education (that doesn't need to be monetary, it could be time).
→ Remember risk is inherent in any investment.
→ Know your numbers.
→ Pay for trusted specialists, their ROI (return on investment) is tenfold.
→ Don’t try to do it on your own. Build a team to support your investment journey.
→ There is no good or bad time to invest in property - think long term. Interest rates will always fluctuate.
→ If leasehold, get a grip on what your service charges will be.
→ Understand your tax liability.
→ There’s usually potential for development on every asset. Look for the things that others don’t/can’t see.
→ Get involved. You can wait on the side lines for years until everything is right.
This list is by no means exhaustive, but it’s a good place to start when considering investing in property.
Disclaimer: This blog post is intended for informational purposes only, and is not investment advice. If you are looking for financial advice, you should contact an FCA approved financial adviser to get regulated advice with your investment decisions.
