We’ve all been stuck in lockdown for months. This has given us a lot more time to think about the future and what assets we have that we could rely on if we ever found ourselves in a situation like this again.
If you have access to savings or good credit history, then you might be in a position to build yourself a property portfolio. Getting yourself into a stronger position for the future with some buy to let investments.
Starting a property portfolio isn’t for the faint-hearted, it also isn’t a short term project. You will need to be dedicated to this for the long term and expect many hurdles along the way. Especially if you are buying to let as this can throw up all kinds of complications if you don’t have the right management or the right tenants. However, it does give you cash flow and assets. If you are buying now as we look to enter a recession, then you will be purchasing your property at the lowest rate. Not only will you have an income from letting, but you should see a rise in value over the years too.
It’s essential to work out your financial goals. Whether you want to flip a property and make a quick profit or if you’re going to create an income. Of course, you could also want to do both. You need to be very clear about the direction you are heading and have a plan to get you there.
Ask yourself what type of property you want to buy. This could be a flat or a house, it might be a small city two-bed, or it could be a family home in the country. Be clear about your priorities from the beginning.
Before you dive into anything, you should consider how you are going to fund your purchasing. It is worth discussing this with companies to see what options are best for you. Even if you have the capital sitting in a bank account, you may find that the lending rates are so attractive that borrowing might be a better option.
You should also start small. Don’t head off and build an instant portfolio. Buy one property, get it ready for rental or sale, then move on to the next. Once you have done two or three, you will be better placed to buy multiple properties at once. It is also sensible to purchase your first property near your home. This way, you can be there for any issues and keep an eye on things if you are renting.
It is possible to start building a portfolio during the lockdown period; in fact, it might be one of the best opportunities you have to start. With all the time and uncertainty we have right now, it could be the beginning of an exciting and stable financial future for you and your family. Just make sure you speak to an independent financial advisor before making any decisions.
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