Getting started in property investment can make your head spin. There are so many different elements that you need to look out for. The legislation alone can be baffling for new landlords. Here we have put together a quick checklist of things to think about before getting started in property investment.
5 Things To Do Before Getting Started In Property Investment
- Set some goals and most importantly set a list of commitments – i.e What do you want your property investment venture to achieve? How many properties do you want to invest in? What are you really, 100 per cent going to commit to? See also this post for first-time property investors. Consider the pros and cons of investing in different types of property.
- Find a mentor or work with a company that will help you along the way. Of course, we would love to help you with this step. To begin, book a no obligation, free 1-2-1 consultation with one of our directors.
- Identify a good mortgage broker. Look for a mortgage broker who has access to the whole market and can provide excellent up-to-date market advice. They may cost above average, but it will be money well spent.
- Find a solicitor that is local to the area where you choose to invest. Local knowledge is key.
- Engage with a property specialist accountant. You need to be sure that your accountant is familiar with the ever-changing property investment arena and a generic accountant may not be.
By doing these things you should set your business foundation firmly.
Documents Needed Before Getting Started in Property Investment
Make sure you have the following documents available:
- Copies of your last 6 months bank statements
- Your last 3 years SA302’s
- A detailed personal expense sheet showing all income and expenditure
- A copy of your latest credit report
- Copies of your ID with the correct address on
If you store these documents on a platform like Google Drive or Dropbox they can easily be accessed from your phone or at the press of a button.
Before Getting Started in Property Investment Ensure That…
- You are registered to vote
- You have paid off as much of your unsecured debt as possible
If you check off all of these items you should be in a good position to begin your property investment venture.
