HOW TO APPROACH YOUR PURCHASE
Some of the mistakes many of us tend to make when looking to purchase an investment property is to buy with our hearts. This is fine if you are going to live there for long periods of time, you are going to move there or if you just want that holiday home you have always promised yourselves and you are not looking to gain a rental income from your investment. However, if you are not purchasing for the afore mentioned reasons then this is an easy mistake to make. You know what it’s like as we approach to view the property we hear the words from someone “aw isn’t it lovely”, well yes it might be but let us not forget something, THIS IS AN INVESTMENT. We are going to rent it out to complete strangers to help with paying the mortgage we may have on it or to give us an income so that we can go and invest in another property somewhere else and make even more money and profit so that when we do come to retire we are able to do it in comfort.
YOU are not going to live there, this is your profit making vehicle not your home, yes you may use it for the odd week here and there but it has been bought with one specific purpose in mind and that is not to become your home with frilly curtains and cushions to make you feel all nice and cuddly inside.
Lets try to remember not to put the kind of furniture in that we would if we were to live there. Remember that the people we will be renting to will not have the kind of respect that you have for your belongings and that things will get broken and damaged. However, we do need to furnish to a relatively good standard if we want to attract people to rent from us rather than someone else.
Don’t go falling in love with your investment but do worship it and treat it with respect for it will make you a little bit richer in your retirement.
This is how we have looked at all the developments we list on our site, by how much and how well will they give me a return on my investment ROI not just in market growth but will I have to subsidise the mortgage or will the rental yields look after it along with all of the running costs. This is the only way to make your investment work for you rather than against you once you have put an established agent in place, making sure that the rental covers the agent’s costs along with the mortgage, utility bills, community bills and taxes. These aren’t as much as most think and in most instances you will only need to rent out for between 12-18 weeks of the year to give yourself an income from the residue.
| 
