𝗕𝗲𝗴𝗶𝗻𝗻𝗲𝗿’𝘀 𝗚𝘂𝗶𝗱𝗲 𝘁𝗼 𝗕𝘂𝗶𝗹𝗱𝗶𝗻𝗴 𝗮 𝗣𝗿𝗼𝗽𝗲𝗿𝘁𝘆 𝗣𝗼𝗿𝘁𝗳𝗼𝗹𝗶𝗼

𝘐𝘯 𝘵𝘩𝘪𝘴 𝘵𝘸𝘰-𝘮𝘪𝘯𝘶𝘵𝘦 𝘳𝘦𝘢𝘥, 𝘸𝘦 𝘭𝘰𝘰𝘬 𝘢𝘵 𝘵𝘩𝘦 𝘣𝘢𝘴𝘪𝘤𝘴 𝘰𝘧 𝘣𝘶𝘪𝘭𝘥𝘪𝘯𝘨 𝘺𝘰𝘶𝘳 𝘱𝘰𝘳𝘵𝘧𝘰𝘭𝘪𝘰 𝘢𝘯𝘥 𝘩𝘰𝘸 𝘵𝘰 𝘵𝘳𝘺 𝘢𝘯𝘥 𝘮𝘢𝘬𝘦 𝘺𝘰𝘶𝘳 𝘪𝘯𝘷𝘦𝘴𝘵𝘮𝘦𝘯𝘵 𝘢 𝘴𝘰𝘶𝘯𝘥 𝘰𝘯𝘦.

Building a property portfolio might sound like a great way to build an additional income, but it can be a tricky area to navigate with lots of pros and cons.

𝗚𝗲𝘁𝘁𝗶𝗻𝗴 𝘀𝘁𝗮𝗿𝘁𝗲𝗱

First things first, where is the cash coming from? Have you already got a property and looking to buy a second? Or maybe you’re tentatively dipping your toes into the rental property market for the first time.Whether you’re refinancing an existing property, or you’ve won the lottery (fingers crossed!), your initial pot needs to be big enough to cover the deposit (minimum of 25%) and legal costs. This is the minimal starting point when looking to buy additional properties.

𝗖𝗿𝗲𝗮𝘁𝗲 𝗮 𝗽𝗿𝗼𝗽𝗲𝗿𝘁𝘆 𝗽𝗿𝗼𝗳𝗶𝗹𝗲

Have a clear idea of the kind of properties you’re looking for. Do you want to renovate and add value, or do you want something that tenants can move into straight away? Sticking to a checklist of requirements will help you stay focused and find a deal that really works for your budget.

𝗔𝗹𝘄𝗮𝘆𝘀 𝗸𝗻𝗼𝘄 𝘆𝗼𝘂𝗿 𝗻𝘂𝗺𝗯𝗲𝗿𝘀

Money money money… no this isn’t an ABBA song, it’s the core of building your property portfolio. A savvy landlord or property owner needs to know exactly where the money is coming from (or going to) for every step of the process. There’s your deposit, legal costs, stamp duty, renovation costs, rental yield, agency fees etc. It’s basically a never-ending spreadsheet that you need to keep on top of. Knowing your numbers and carefully planning a budget is the key to successfully growing your portfolio.

𝗚𝗲𝘁 𝗰𝗵𝗮𝘁𝘁𝗶𝗻𝗴

Building a property portfolio requires you to build relationships. Pop in for a coffee, tell us what you’re looking for and your budget so that we can keep you in mind when anything suitable comes up. Similarly, our Lettings team has a wealth of knowledge regarding the types of tenants and their property requirements. So, this will help shape your initial property searches and buying decisions.

𝗖𝗿𝗲𝗮𝘁𝗲 𝗮 𝗻𝗲𝘁𝘄𝗼𝗿𝗸

Trust is so important when you’re buying property. Make sure you’re working with people you can rely on and that have the relevant experience. This applies to your solicitor, mortgage broker, and your builder (if your purchase needs some TLC). Once you’ve established these working relationships, next time, hopefully the process will be easier. Personal recommendations from a friend or family member are a great place to start, but never feel like you have to settle for the first professional you meet.

𝙏𝙤 𝙜𝙚𝙩 𝙨𝙩𝙖𝙧𝙩𝙚𝙙 𝙬𝙞𝙩𝙝 𝙮𝙤𝙪𝙧 𝙗𝙪𝙮-𝙩𝙤-𝙡𝙚𝙩 𝙥𝙧𝙤𝙥𝙚𝙧𝙩𝙮 𝙨𝙚𝙖𝙧𝙘𝙝, 𝙜𝙞𝙫𝙚 𝙪𝙨 𝙖 𝙘𝙖𝙡𝙡 𝙤𝙣 01462 419329.