Reminders are defined as a set of messages or communication designed to ensure that someone recalls something. You’d think humans get them the moment they hear one but alas we don’t. Some would, but not everyone so it’s no stranger to hear reminders over and over again. We need it. That we should admit. With that said, here are some UK property investment reminders we think are worth the reiteration.
- Beware of the sales talk. It’ll be there all the time and while we can never really remove escape from it, it’s important to acknowledge the deed once there. You should know by now to never completely rely on what the broker or seller says about the UK property investment. We’re not saying sellers are liars, albeit some are, but then again they won’t highlight the things that are not so covetable about the asset. So always check everything before you buy any property. Validate information. Get an asset survey.
- Find an ally. This is especially true if you’re not well versed with all things real estate, let alone acquiring one. You can either ask someone from your friends and family or hire a professional to do the job. The latter may come with additional costs but at least you’re not going down the “blind leading the blind” route.
- Learn and observe the market. The law of supply and demand is just one of the many things to note of especially since it affects price. Doing this shall also help you better understand how the market works and why things are a certain way or when something is off. You have to invest in your skills and knowledge. Real estate is a serious business and many have fallen prey and wasted their money just because they didn’t know the basics. Knowledge is power after all.
- Always take note of ongoing costs. When putting your money into a property investment, never forget about repairs and maintenance costsThey are often overlooked because they do not form part of the asset’s list price. . They may not reflect now but they will have material impact in the future.
- Look in growth areas. If new buildings, roads and structures are on the rise at a particular location, chances are the nearby lots and UK property investment enjoys a value appraisal without even doing anything. This is particularly true if the new structures generate business, employment and income.