Blogs > Lifestyle Blog > A Guide: Becoming a Successful Property Investor in 3 Steps

A Guide: Becoming a Successful Property Investor in 3 Steps

4th October 2019

Whether you’re looking for a full-time income or whether you’re looking for a side hustle, property investment could very well provide you with the amount of cash you need/want to make in life.

 

Property investment is never a straightforward game, that much is for certain, so taking on this challenge won’t ever prove. If you take the three steps listed below, however, you’ll be sure to make this challenge a whole lot less stressful for yourself.

 

 

Target the right markets in the right places

 

Some real estate markets perform better in certain geographical areas than others. The sooner you get to grips with the fact that some investments will prove more fruitful based solely on their location, the sooner you’ll be making better ones.

 

First and foremost, in this instance, you should take some time to check out the local demographic of certain areas. More to the point, you should be investing in properties that this target consumer base are going to want to live in. Should you pinpoint an area in which a university is located close-by, for example, this would entail you investing in a property that students are going to be attracted to.

 

Something else that you should seek to do is fill gaps in the market. Should a certain area not have, say, an elderly people’s home close-by, you should be the one to provide it. Whether you transform a property into a care home or whether you make care home investments, this would see you provide something in the local area that people are ultimately going to need. Subsequently, this will ensure that you’re never short on suitors when it comes to selling or renting out your property.

 

 

Create a diverse property portfolio

 

Putting all of your eggs in one basket is a recipe for disaster in the field of property investment. Quite simply, you need to create a diverse property portfolio for yourself, as that is the only way you are going to weather what is known as financial turbulence. No market ever remains the same — one day it’s a bull and on the rise, and the next it’s a bear and its prices are falling — so you must branch out and ensure that you have a number of different property types on your books at all times.

 

 

Always find ways to add value to your investments

 

If you’re to make a sustained profit out of the properties that you invest in, you must constantly be finding ways to increase their value. This will ensure that you have a constant string of tenants/buyers in place for when you are ready to put your investments up on the market.

 

To add value to your properties, you should:

 

•   Add an en-suite bathroom

•   Paint and decorate regularly

•   Tidy up garden and boost the curb appeal

•   Update central heating

•   Embrace open-living

•   Convert unused areas (loft, cellar, garage, etc.) into living spaces

 

 

Take the above advice, and you’ll find yourself making better property investments in no time.

Posted by Mark at 5:24pm

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