When investing in property, it’s easy to get it wrong. You make your money when you BUY a property, not when you sell it. If you buy sensibly, you can expect to sell sensibly if you need to.
Try to avoid:
•overpaying. Once you’ve established you can buy a nice 2 bed property in a given area for £X, don’t pay £X + £5,000
•being put off by properties that need work, as these are often the best buys. But DO ensure this is reflected in the price. If it’s £X for a nice one, its £X minus £7,000 for one that needs a kitchen and bathroom.
•being unrealistic. If you’re buying where flats rent for £550.00, don’t expect yours to rent for £600.00 because you will paint it – expect it to rent for £500.00 if you don’t paint it!
•missing something obvious! Don’t buy a family house that has no garden, or no parking. Families need gardens and parking spaces.
Philip Wakefield Property File