Property Hawk website editor Chris Horne reminded us this week that the most important period of any project that involves buying property to let, is the very beginning. The part where the prospective landlord puts in the hard yards, researching and investigating to make sure they get the right property that can turn a profit for them.
I could not agree with him more.
In all of the storm of the recession it is easy to forget the basics. People are still renting houses, so if you are are still interested in expanding your portfolio then you need to find out about the needs of these people. As Mr. Horne puts it “[Landlords need] to do their research about what type of property they are buying, where they are buying, [as well as] making sure that there is enough rental demand.”.
This is something we should all know but it is sometimes easy to forget in the excitement of making an important new purchase, plus some people think the rules have changed in the recession. Some of them may have, but the one that says research is everything if you want to make a profit is still firmly standing.
Research of the area you are buying in and the needs of the people who live there is particularly vital, and any landlord who enters into a purchase without doing so is really risking trouble.
