Looking to invest in property?Published on 6th March 2017
Still vibrant and hugely rewarding, the property industry continues to boom and be the preferred choice amongst investors. If you’re hoping to invest, Rangewell has compiled a list of 5 hot tips to help you get value for your money and secure the best deal possible. So, with property prices continuing to climb at record highs, surely now is a great time to invest or grow your portfolio?
Choose an area to invest in:
When choosing an area to invest in, you need to consider a number of factors. Some of these will include cost bracket, demographic, proximity to local amenities, popularity of the immediate area and so on. All of these aspects can affect the price, your reason for making a purchase and the type of people who may be interested should you decide to rent or resell for a profit.
Visit your local property auction:
If you’re sniffing for a potential bargain or looking for your own ugly duckling to turn into a swan, visiting a local property auction is definitely a smart move. Here, you can gain exposure to a wide range of properties, some of which may undercut local estate agents and possibly the area’s market value as well. If you are hoping to pop along to a property auction, we also advise you to seek auction finance beforehand in order to streamline the purchasing process.
Investigate your expansion options:
Naturally, when hoping to make a purchase, you’ll be making all sorts of plans in order to expand and make the most of any available space. However, before you build anything, be sure to apply for planning permission first. Ok yes, you do have to pay for each application, but doing so will allow you to know what you can and can’t do, potentially saving you a load of aggravation from your local council’s planning department.
Acquire the services of a project manager:
Securing the services of a project manager is certainly a smart decision. If you’ve bought a property and are looking to redevelop or expand extensively, whilst working to a tight budget and deadline, their advice and management skills will prove invaluable. Although this may come as an additional cost, they could save you heaps of cash in the long run.
No doubt we all know purchasing property is expensive. You may lack the necessary funds, or maybe parting with the required sum all at once could take away too much of your capital. If you’re looking to make a purchase or a looking to develop, finance could unlock the doors to your next property. If you’re facing a financial conundrum, Rangewell can help source a finance solution that’ll make the seemingly impossible your reality. With our services, you could gain access to a diverse array of highly beneficial finance packages including:
- Auction Finance: Before entering a property auction, acquiring Auction Finance in advance is recommended. This package allows you to know what’s affordable and what type of property a lender will fund. It works simply by letting you acquire a conditional approval from a lender. So if you bid for a 4 bedroom property and win with a £350,000 bid, a lender may provide fund up to 90%, whilst you pay the initial deposit on the day of the auction.
- Development Finance: Once you’ve bought a property, you’re certainly going to be excited about the amount of potential lying within. However, redecorating, renovating and adding extensions will definitely come at a cost. You can’t afford to be left waiting around, you need to get your property up and running as soon as possible. This is where Development Finance can give your aspirations and projects a much-needed kick start by offering tailor-made and fully customisable loan solutions. With a loan, you could borrow from £5,000 to as much as £1,000,000.
- Commercial Mortgage: If you’re looking to make a private purchase or go through an estate agent, a commercial mortgage could be exactly what you need. By applying for a mortgage you could borrow a large sum for your business, ranging from ₤25,000 to as much as ₤25,000,000. Depending on the lender, you can make either monthly or quarterly repayments over a period of 3 – 25 years, plus interest.
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At Rangewell, we support a wide range of SME businesses of every shape and size, for finding every type of finance. Follow us on Twitter and LinkedIn for business tips and tricks, and feel free to call us on 0203 637 2340 if you’d like to chat about what we can do for you.
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