So you’re thinking about going into the property market: buying up a house or two to upgrade so you can sell for a profit? Perhaps you’re considering investing in buy-to-let properties with some renovations or modifications thrown in? Whatever the case, your dream is absolutely achievable!
As we’ve warned in our previous blog post, if you’ve been watching the telly and have seen a lot of fast-speed renovations programmes, be cautious in how you proceed – in the real world it takes the right decisions and a lot of real work to get projects done. But that should not discourage you at all if this is an area of real interest for you. If you’ve never undertaken a major real estate development project, it may look daunting and even seem overwhelming at first. As with most goals, things are achievable if you can take one little step at a time and resolve to keep going forward until you get what you want.
Research is essential
With property investments as well as renovations, it’s best to start the process by obtaining the right information and making well-informed choices. Some significant research is essential in determining what sorts of properties may be of interest to you, what costs are involved in purchasing or renovating them, what mortgage options are available to you, which professionals can you get to help you, what may be the best sequence of actions to take to reach your objectives and what liabilities might you be required to cover through insurance when your building project is happening. All of these factors are to be considered within the context of your understanding of the property market and whether the current or future trends will make the investment of your time and money worthwhile.
Learn from other people’s experiences
It would be a good idea to talk to people who are already doing what you intend to do, if you haven’t done so already. Whether it’s contacting mortgage and insurance brokers to get some real figures to work with or connecting with real estate and property developers to get information on the current trends and what’s happening in the relevant markets, you may be pleasantly surprised at how willing people are to give you information or share their experiences with you. As you learn from other people’s experiences, your confidence will grow and you can move on to your first or next project, as the case may be.
Property shows, seminars and conferences
Then there are property shows (like the Property and Homebuyer Show), seminars and conferences with teachers and mentors who have the expertise to guide or coach you through the process of building a real estate portfolio or becoming an investor in the property market. Some of these property shows, seminars and conferences can provide you with a lot of information and knowledge about how different parts of the market work and the steps you need to take in implementing various projects. But don’t be pressurised into buying course after course, especially when you don’t feel ready to begin your own project. If you have to invest in a coach or buy a course at all, get mentored by someone who has an impeccable record of success with a vast amount of real world experience to draw from. It’s best to find a mentor who is actually in the market practising what they are preaching and not just peddling nice theories which may not actually work in real life when you try to implement them.
(Photo by Jusben)