Key Rules To Follow

1. Buy Well

  • Timing - Property over time will almost always appreciate in value, whilst there are times when property prices may be lower, this usually correlates with times when funding is more difficult or more expensive to secure, so timing will likely depend on whether you need funding as part of the purchase or refurbishment of the property.

  • Location - Pick a location that is going to appreciate in value, some areas will appreciate more than others, but I always find choosing a location within an hours drive, that you know well enough and understand the general dynamics of helps significantly.

  • Property - Buy the right property, as a rule I try to avoid flats, there tends to be so many extra uncontrollable issues around flat ownership, however for some people this is their perfect investment. Buy what’s right for you and understand the pros and cons of each property type, the supply and demand for the property type in that area on both a sales and leeting basis.

2. Appraise The Number

  • It’s worth having a basic financial appraisal to run some numbers to understand if the asset you’re planning on purchasing works and provides the right returns. If you want a copy of a quick an easy Property Appraisal Model feel free to purchase a copy from us HERE it’s quick and easy to use, with step by step guides so that you’re making informed decisions when purchasing your property.

3. Minimise Vacant Periods

  • This means keeping refurbishments on track by minimising delays and keeping on top of inventory, contractors and sub contractors.

4. Vet Tenants

5. Fix Things Promptly and Cost Effectively

  • If you’re handy you can quickly get out to a property and fix certain things but make sure to have good reliable workers on hand if things need sorting quickly, especially when there are electrical or boiler/plumbing issues.

6. Be Organised

  • Whether it’s organising all your orders, accounts, or workforce staying on top of everything will be key to a successful refurbishment or letting.

  • Keep accounts or income, costs and file any hard copies.

7. Secure finance that suits you

  • Cash/Loan for Refurbishment

  • Mortgage