I have always wanted a property portfolio. I consider myself to be an entrepreuner and as part of that persona, I’m always looking to make more money and to make my existing money go further. That’s why over the next ten years, I want to invest in property. And whilst I’m not that much of an experienced individual when it comes to decorating, I would at some point, love to do up a place to sell it on. However, my main focus when it comes to investing money into property is buy-to-lets.
*This is a collaborative post.
Now, buy-to-lets have a bit of a bad reputation but for me, the only significant way of making more money when it comes to your savings is through property. The banks offer little to no interest on their savings accounts that it just seems counter-productive to leave it in there to accrue a few pounds each month. We’re in the middle of selling our home at the moment and as we had a Help To Buy loan attached to see this, we didn’t want to go into our next property with another help to buy. As much as it can be beneficial, it’s an extra loan on top of your mortgage (which is a loan in itself) and this HTB loan also takes a portion of your profits.
And whilst you may get a more expensive property for your money, you still need to pay the HTB loan back, and the more you borrow, the longer it’s going to take to pay back. Myself and my partner have been toying with the idea of investing in a buy-to-let and we’ve decided that once our wedding is done, and once we’ve bought a family home, we’re going to invest in a BTL.
We’ve still got a fair bit of research to do and I want to continue looking at the rental market to see which areas are consistently coming out on top as having a high rental yield. I never want to go into something without knowing all the information and risks first but for me, I want to at least try to make my money go further, investing in property rather than it sit in a bank doing nothing.
One thing is for certain though, we’ll definitely use a management agency to look after the property and those that rent the property. As renters ourselves, we know just how reliant we were on landlords to get things fixed and our lives are too busy to deal with that. For letting agents, it’s also important that we find the right one. Whether. we’re looking for letting agents, Warrington based, in Cardiff or Liverpool, we also want to take this part seriously too because they’re going to find your ideal renters.
The reason why I want to do it over a ten year period is that I still want to be able to do things when it comes to having that investment mature. In ten years, I’ll only be 38 and if we’re able to get a number of properties under our belt in that time, we’ll be sitting pretty! A lot can happen in ten years though, so who knows?
Are you interested in investing in property? Let me know in the comments below.
*Disclaimer – This is a collaborative post with Easylet Residential. All words are my own.
