One of the first things people think of upon reaching adulthood is whether to invest money in stocks or properties. Where you choose to put your money is an important decision with the potential to pay off very handsomely in a few years.
If you want to learn more about commercial property investment, it’s always best to talk to experts in the field, such as those at Ready Let. With over 20 years of experience in the North East, there’s no one better to speak to with the same in-depth knowledge of the area!
The Durham area can be a fantastic place for investing in property, but there are several things to consider before deciding on your first investment move. If you’re planning to invest in property but aren’t quite there yet, here are three steps to take a step forward on your journey:
- Start saving money so you can invest
Property is a big investment so before you decide to take the step, it’s always good to have your finances in check. While high yield property investors can help you earn up to 13% return, you don’t want to invest in property if you’re already in debt. Consider talking to a financial advisor before committing to an investment.
What you can do to reach your target amount for investments is to set aside money from your savings continually. If you can, opening a separate bank account where you can transfer funds for your investment money can help you manage your budget better. You should plan to divide your income between expenses, payments or debt, savings, and investments.
- Try investing in low-yield stock
Some companies need investors who can back them up as they begin or sustain their businesses. Before deciding to invest in them, it’s always a good idea to do the necessary background checks and research so that you know where your money is going.
Passive income can help in increasing your savings. When you invest in low-yield stock, you can move your investments to higher yield property investments later on. Before making any decision regarding shifting your finances, make sure you speak to your accountant or advisor.
- Talk to your family
When you’re finally ready to start your high yield property investment journey, it’s good to have a chat with your family and see what knowledge you can glean. When you discuss your interest in investing in real estate with members of your family, you might discover that other members are property investors too! Some parents or grandparents may even choose to pass down their investments to their children as they generate added value over time.
Some families even gift down payments to help a property investment idea become reality. Having family members who are aware of the complications and methods of property investments will help you in your decision making and decide how to move forward with your investment plans.
No matter how much or how little you know about the real estate market, experts who know the area like the back of their hand will be able to provide value that you can’t. This is especially true if you don’t have the time or energy to purchase and manage the upkeep of your investment property. Ready Let can help you find the perfect property, refurbish it, and even aid you in tenanting. All you have to do is sit back and watch the returns come in!
ReadyLet provide expert real estate investing services by finding and refurbishing homes for you. Looking for an investment property for sale with tenants then drop us a call?