If you’re a homeowner with plans for property investment read on. In this article we review the guidelines for buying property to sell or rent. It is best to be prepared if you are focused on this goal.
What to consider if you are buying a property to sell or rent
For a lot of people, property has always been one of the most sensible investments. At a time when there are so many different chaotic factors out there, there is something reassuring about putting your money into a house.
Tough times in the property market
Over the last few years, there have been some tough times on the property market. Decisions regarding buying property to sell or rent on can be difficult because of the economic climate.
Cost of living increases
From 2020 onwards, prices started to increase as people started to prioritise more space and a garden over a city centre location. This is happening now as the cost-of-living increases, house prices are decreasing. Th once again as people are becoming a lot more conservative with their spending.
Investing in property to sell or rent
However, investing in property to sell or rent can still be an excellent investment. There are always going to be people out there who are looking for the perfect home to buy or rent, and there is a tremendous amount of satisfaction to be had in being able to match the property that you have worked on to the perfect family or individual.
Take the right steps despite the instability of the market
Even if the market is unsteady right now, there are plenty of ways that you can make sure that you are taking the right steps. Here are a few things that you need to know.
Keep up with the latest market news
Even though housing prices are currently low at the time of writing, things can change pretty quickly and sales have been on the increase. Anyone who has ever bought or sold property before will be more than familiar with the ups and downs of the market. So make sure that you keep your finger on the pulse.
Keep reading the news. Think about subscribing to some property advice websites that can give you a better idea of where things are trending. The last thing you want to do is to make any assumptions that could hamstring you later on.
Be sure of the reason you what you want the property
Buying a property is always going to be a big commitment, even if you are thinking of selling it on after you have done some work to it. It is important that you have a clear idea of what you want from the house or flat.
Is this somewhere that you would want to live in for a few months or even a few years? If so, this will mean that you need to consider your needs and your family’s needs, and to make it liveable and comfortable while you are working on it.
It’s also worth noting that if you are considering renting the property once it is ready, you will need to check what you are legally required to do by the government. You will also have a lot more responsibility as a landlord if you have never done this before.
Make a strict budget
Everyone is being very careful with their money at the moment. The rate of inflation continues to be a major factor. Buying a property is always going to be a major expense. It is also an area where costs can start to creep up if you are not careful. The current owners might raise the price because they are getting a lot of offers. Or you might realise that the property is going to need more work than you originally anticipated.
Before you invest in property to sell or rent…
There are a lot of different ways that the initial number that you were working with can increase. So, before you get started look at your finances. Talk to your financial adviser about how much you can realistically afford to spend without blowing your own budget.
Need a lump sum
If you need a lump sum to give your working budget a boost, home equity release is an option you could consider. How much home equity can I release? This will depend on several factors, including your age. You have to be at least 55 to release equity, but there are other factors too. For example, your health, the value of your home and your outstanding mortgage will be important.
Before you invest in property to sell or rent…
If you want to find out more about whether equity release could be a good fit for you, contact online experts. They can check to see if you’re eligible for equity release, through, and find out how much you could release.
Always view the house in person
Things have got much easier for the first stage of the property hunt in recent years. There are so many different websites that you can use. Many allow you to set up property alerts to tip you off to new listings or price reductions. Many agencies also offer remote viewings to give you a look inside the property if you can’t make it to an in-person viewing on the day. But there is simply no substitute for going to look at a property for yourself.
Make a personal inspection of the property
It is absolutely vital that you give the house or flat a careful inspection yourself before you buy. You should try to visit at least once if you can. This will also allow you to get a better idea of what needs fixing. Also whether the property would be a good fit for what you have in mind. The process of renovating a home can be expensive and costly. So it is always best to know exactly what you are getting into. That way, you can start creating a budget for after the purchase.
Research the neighbourhood carefully
The perfect home is not just about the property itself. You need to think carefully about the surrounding neighbourhood if you are thinking of selling or renting this home. You should start by thinking about what kind of people might be interested in it. If you want to aim it at professionals, for example, then you should look for properties that are easily accessible via transport links into the city.
Moving with the family
If you are hoping that a family will move into the home, then focus on the good schools. Some families like to visit first before they decide on a property to buy or rent. Highlight other useful locations such as shops, parks, and child-friendly recreation.
Visit the neighbourhood
Visit the neighbourhood at different times of day to get a real feel for the place. Get online and on social media platforms to see if the area has a reputation that you need to know about. The more information that you can provide potential buyers or renters, the better.
Address classic problem areas early
Anyone who has ever bought or rented a property knows what you look for when you first step into a property. You will want to know that the boiler has been recently checked. You will have questions about the cooker and white goods. You will want to know whether the property has double glazing and how well-insulated it is.
Increased energy prices
With recent increases in energy prices, anything that you can do to increase the home’s energy efficiency will be a great thing to advertise on the listing. And you will be checking for any signs of damp or mould with an eagle eye. So, once you have settled on your property, try to put yourself in their shoes. Think about what you would be looking for.
If you are thinking about renting rather than selling the property, remember that prospective tenants will want to do as little as possible when it comes to any work.
Buying a property to sell or rent in summary
So whether you are buying a property to sell or rent, or indeed to live in take heed. Planning is essential for your ultimate goals to be achieved as painlessly as possible. Budgets always need careful management. And consider the location and any renovations you do with the next buyer or renter in mind.
FURTHER READING FOR HOMEOWNERS & PETOWNERS
At Housesitmatch.com we like to offer useful and practical articles on topics for our readers. In this selection we offer you a number of suitable pieces from our own blog on renovating and decorating a home.