When you're looking to invest in property, it is very important to conduct thorough research in the market to ensure that you can identify your personal goals and ensure that you find the right investment property for you.
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Hi, welcome to Ask Johnsy, a series of videos that delve into the life of an investment consultant. Please hit the subscribe button below, so you’ll be informed of all future videos in this series. Let’s look at today’s question, which is:
“I’m looking to invest in property. What should I do next?” – Carl, Somerset
Thank you, Carl. When you’re looking to invest in property, I think the first thing that you should do is research the market thoroughly, speak to as many different types of people as you can. If you’ve got friends who have invested before, speak to them, speak to agents, anybody you might know who’s involved in property. Also, have a look around YouTube and on the internet, at blogs and resources such as that. But don’t just take one viewpoint, go in with an open mind.
And the second thing is, the most important thing is, create a checklist of things that are important for you. I’d always refer back to this checklist. Once you’ve checked all of those boxes, you’re ready to invest. But that will keep your mind away from emotional, unrelated items which you may pick up along the way.
Also, then very important, organise your funds. So, you’re going to look at what lending you’re going to need for a particular purchase, what you’d prefer to do i.e. buy in cash or to take on lending. And also, to get your deposit ready. And also, within that deposit, making sure that you’ve got your funds ready for the additional items such as your legal fees, any agent costs, your furniture, or any other items that you need to purchase. After that, I’d contact an agent, contact the likes of ourselves who have got a good portfolio of properties and always referring us back to your list. So, asking questions that are relative to items on your list. Another thing I would do is always view the property. Always view the property or the location where the property is, so you get a real good feel about what you’re buying. You’ll be amazed about what you can see by a quick visit to the site as opposed to just looking at it on Good Earth or a map. And that’s it, thank you.
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