Here we aim to highlight three key ways property investors achieve the most out of their real estate investments. We also offer one of our successful commercial conversion projects as a case study, exploring the means behind our success.
Investing in property can be a great way to secure your financial future, these three steps outline how to make the most out of your real estate investments:
1. Research – Study the market, the developer, location, and rental trends associated with your investment. Know what you are buying into. Gain an understanding of comparables and make sure you are getting good value for your money.
2. Have a plan – know what you want to achieve with your investment and how you will achieve it. Ask yourself questions like "how much time and money am I going to put into this?" and "am I looking for long-term or short-term rewards?"
3. Seek professional advice – make sure you get expert help and advice to gain all potential value from your property investment. Again, do your research before paying a professional. Think "can this person help me achieve what I am looking to gain?".
Some people may have a small budget and want to buy an inexpensive property. It is important to remember that when you buy a property, you are buying more than just the building, you are also buying the land around it. We purchased an old office building for one of our investors and noticed the property had a lot of amazing potential. Situated in a great location (town centre, right by the Metrolink), on a quiet street, with a private courtyard and parking, the property even had the added bonus of a detached workshop already in existence.
We saw the opportunity to create two separate dwellings where only one existed. This worked well as the office had its own front door from the street and the old workshop was accessed from a side door behind the building. We replaced the wall at the end of the courtyard to the street with wooden panels and created a door to make a separate entrance giving the client 2 separate 1-bed flats, which were picked up on the lettings market immediately.
It's amazing what you can do with a bit of imagination.
Commercial property is often cheaper than buying a residential building and also allows developers to design and tailor units to meet specific needs. The rent achieved with this example is almost twice what it would have been if we bought a regular 2-bed house and is now a great cash flowing investment.
Watch the video below for a tour around the property:
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