Location, location, location [we’ve all heard that before – right?]
When it comes to property how important is location?
When we started out we followed the ‘let’s diversify risk’ strategy and bought in Leeds, Florida even Bulgaria [we were addicted to buying property]
This was a decision we learned to regret; here’s why
We hadn’t considered the most important factor:
What is the return vs. the ‘hassle factor’?
When you spread yourself thin, far and wide you end up taking on a LOT more work which takes a lot more TIME [something you can never get back]
Imagine how you would deal with hundreds of miles between properties, longer delays, language costs, legal implications and so on?
After our [painful] lessons, in our opinion THIS is what you should be looking for:
- Choose an area within 15 miles of where you live
- Choose your investments CLOSE together [essential for growing a portfolio]
- Any areas of investment, growth or regeneration
- Any areas where business is growing [creating jobs and demand for rentals]
There is GOOD news
With the advent of the Internet and Google there are websites that can provide all the information you need for F R E E
Rightmove is a good example but you can go much deeper into house prices, local council regeneration projects, transport plans and much more
When you research make sure you always check:
- Prices [are houses going for less than asking? How long are they taking to sell?]
- Is the market moving?
- What is the current state of the lettings market?
- Can you find a good letting agent?
We have created these points not to scare you but to help you – ignore the basics and property investments can become more pain than pleasure