Taking the first steps into the world of property investment can be daunting and going from one to a number of properties can take a lot of time, money and effort. Here are some easy tips to help you grow your property portfolio while maximising your profits.
Know your objectives
One of the very first things that you need to do is think about your financial goals. Are you looking for capital gains? Are you interested in high rental yields? Or maybe are you looking for a combination of both? Your answers will determine what your next property investment should be as well as the way you should keep on building your property portfolio.
Growing your property portfolio is all about starting small and investing in a sustainable way, for the best return on investment possible. Now that you know your aims, make sure to list your priorities. Would you like to buy a property close to where you live to keep on top of its management or would you like to invest further out for perhaps some better rental yield opportunities? Once you have an idea of the type of investment and the benefits you’re looking to get from it, it will be much easier for you to select your next property investment.
Maximise your profits
While you want to grow your buy-to-let property portfolio, you should also try to maximise the profits from your current rental properties. Increasing the rental value of your property is one of the most effective ways to get the best return on investment possible. Make sure to replace any broken appliances, regularly revive your walls with a fresh coat of paint and if your property is furnished, make sure that the furniture looks impeccable. Those small changes will allow you to increase both your rental income and the overall value of your properties.
Measuring is key
Once you’ve taken the plunge and started to invest in more properties, make sure that you measure the results you get. Does your rental income cover your mortgage repayments? Are some of your properties having some significant void periods? Make sure to keep track of everything that can have an impact on the money you make out of your rental properties. This data will come in handy when investing in another property and will help you make the right decision when it comes to the type of property you’d like to invest in as well as its location.
Don’t neglect your tenants
The more you grow your property portfolio, the more difficult it gets for landlords to take good care of their tenants. It can be easy to forget about them but keep in mind that their satisfaction is key to the success of your investments. If you’re finding it hard to manage your buy-to-let portfolio, a fully managed service is the best solution for you – it means the complete control of your rental property is handled by your letting agency, giving you complete peace of mind.
Expand your property portfolio with Kingsley Hamilton Estates. Whether you have a single property to let or a portfolio, we are here to provide you with the first class service you deserve. Call 020 7078 0214 or email email@example.com today to speak to one of our expert property advisors.