London is a great place for property, with its popularity proving to attract buyers to part with the pounds for their piece of the capital. However, with so many investors out there it can be difficult to be successful in buying and selling commercial properties, particularly for a first-time investor. That’s why we’ve put together a few tips to get you started, so you can make your venture into the property market as prosperous as it can be.
Do your research
Before jumping wallet first into investment, it’s important to do your research. Make sure you know the location you are investing in, as this will be invaluable when it’s time to sell. This is especially important in London, with so many people investing in property. The local economy, social groups and landmarks of the area are particularly important if you’re trying to rent or sell, as these affect the likelihood of landing that deal.
Decide on your target market
If you’re wanting to sell anything, knowing your target market is vital. You need to be able to make a property seem like an unmissable opportunity, and without a target market this can be difficult. You also need to ensure the property is suitable from the offset – long before you choose to invest. What sort of buyers do you want to work with? It’s up to you to decide.
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Get the best deal
Be sure to look at a number of properties before choosing one to invest in. It’s useful to view numerous properties in order to compare quality and value for money. This will ensure you get the best deal and therefore increase your potential revenue.
Ask yourself the important questions
How much work needs doing on the property? How much will this cost? Do I have enough time to put in to this?
You need to cover all bases before deciding to buy. Carefully consider everything that would need doing to the property, and make a budget and time plan. That way, you won’t be caught out later.
Get some extra help
Talking to a professional is very beneficial for first-time investors, in order to ensure you choose a property that’s right for the current market and make your investment worthwhile. An in-depth understanding of the ins and outs is vital when investing, so luckily there are companies out there that can help you with this. GVA, for instance, specialises in advising investors, offering a range of advice from securing funding to planning your strategy. They have experts in Central London, so you’ll gain local knowledge as well as general investment advice. The knowledge you gain will be with you forever, so it’s definitely worth doing.
Keeping these tips in mind will help you to make that first-time property investment a success. Do you have any tips for property investors?