Investing in property is a good way to make money, however the most important part of investing is the time spent on research before you make your purchase.
You will often find this in team building exercises. The team that starts the challenge early without enough research is often the team that loses. It is the team that allocates time for research and makes a plan that wins.
I have been dabbling with property investment and Ill tell you how I focus.
Generally I will start by doing a search on rightmove.co.uk and filtering the results to a 35 mile radius of London. Then I will order properties by price and get a general feel for good value properties within batting distance of London.
Once I have a list I filter further by using rightmove to filter down only properies that are within 1 mile of railway stations in the areas Ive chosen. Low cost properties in areas that are undergoing investment are what Im looking for..
So once Ive picked out a few areas I note down the councils for this portfolio of houses… Ill also take a look on rightmove and search in the same areas for average rental figures for the houses Im looking at.
Now I jump on to the local council websites. These websites hold lots of juicy details about upcoming development projects and investments in the area. This information is what Im looking for.
For example Ive found one area thats having significant investment that I believe will flourish over the next 10 years. The prices are low and it wont be a quick profit but looking at it as a long term investment Im very positive. Take a look at projects run by the government to build affordable housing for key workers outside of London. Use vision to imagine what the area will be like once the building work is complete. Its best to get in before the builders even start to lay foundations.
Im not recommending to buy the new houses. Im recommending to buy houses strategically placed within walking distance of the new community. They must be close to transport services such as railway. Also aim for a freehold property as this will mean you avoid being stung with high service charges…
Thats it for now folks..
[tags]Property Investment, rightmove, UK Property, millionaire blog[/tags]