Beginners’ Guide to Property Investment

Beginners’ Guide to Property Investment

Lots of people will say that when you have money to invest, property is the way to go. After all, a property is a solid thing that will always have a value and won’t vanish like stocks can if things go bad. But how do you know if property investment is right for you? And what are the tips to starting up as a landlord?

Is property investment right for you?

There are lots of ways to invest money and property investment doesn’t suit every tastes. It is a great option if you are willing to tie up your money for a long period of time and if you prefer the solid, tangible benefits of property versus the somewhat vague and insubstantial nature of stocks or shares.

You should also start out aware that you may not make a profit on the property, depending on the price you pay and the situation of the market. Plus, there are always additional risks if you borrow money to buy the property including rising mortgage rates and decreasing house prices.

Finally, there are the costs involved with running the property that are an integral part of becoming a landlord. These include basics such as the cost of the mortgage, the upkeep of the property and money needed for those unexpected repairs. Then you will need to file tax returns and ensure you are paying the right tax on the money you make.

Starting out as a landlord

If this all sounds like the kind of thing that works for you, then starting out as a landlord could be prefect. The next step is to consider the property itself – what type of property, where should it be located, how are you going to manage it?

Many lettings agents offer services to get tenants into the property and can advise you about the potential rent you can charge for a particular area. They can help with legal matters such as the tenancy agreement and background checks as well.

You should also research to see what types of property are on offer if there is a specific area you want to buy within and how quickly these properties are occupied. For example, flats or houses let to students will go quickly in areas with big universities but could be unoccupied for part of the year if the students go home.

You may need to spend money on the property before you can start making money on it. A house with a shabby bathroom and kitchen, poor storage or a messy garden will not attract top rental income, so you may need to renovate before you start. But if this makes the profit increase over the course of time, then it could be worth it.

Get tax advice about everything you are doing to ensure that you don’t get yourself into trouble and keep accurate and complete accounts. Avoid accounting mistakes and even consider employing a professional accountant to ensure everything is done correctly, as many landlords get trouble from HMRC rather than a tenant!

Time to Change Jobs?

Time to Change Jobs?

We’ve all done it – told our spouse, partner, friend or even a trusted co-worker that the time has come and we want a change. We need a new job, a new challenge or to work in an industry we enjoy. We want to be passionate about our job and feel we are respected and valued. So is this the time to change jobs and what are the key points to remember when you start looking?

Knowing it’s time

There are lots of indicators that it may be time to change your job and these are different for each of us. One of the big ones is a sense of dread at the start of the day or even the night before. You don’t want to go to work, you lack passion and motivation.

Disliking your boss is perhaps one of the top reasons to leave a job but should always be approached with a little care – the grass isn’t always greener, remember. If you are stressed, feel unhappy in your job or undervalued then this might be a good indicator. Or if you know the business is in trouble – loyalty is great but you still need a wage coming in if the worst happens so sometimes you have to look out for yourself.

Finding your dream job

Finding your dream job is great but you also have to be a little practical about it. Sure, you might want to work with the elephants at Chester Zoo or dream of being a producer for a stage show in London. But if you aren’t qualified for these jobs, then this might be a dream too far (unless you are going in for retraining, in which case – go for it!).

The best job search advice can often be not to look at jobs at all. Instead, talk to recruitment experts and see what kind of jobs you might get considered for based on your experience, qualifications and your personality. Before you approach them, make sure you update your CV – you can change it again later when you decide what kind of job you want to aim for so don’t worry too much about all those tactics for getting your CV noticed at this stage.

Getting the job

Once you have some ideas about what kinds of jobs are open to you, you can start to look at them in more detail. Look at the job, what it entails, what the employers’ recruitment process entails and a little peep at the pay and benefits. Don’t let the latter sway you though – happiness is worth more than just money.

Once you have some jobs you want to start applying for, you can redesign your CV to be relevant to the job. There’s lots of tips out there how to maximise it and help you head to the top of the queue as well as to deal with Applicant Tracking Systems that many companies now use.

Conclusion

Don’t get despondent if you don’t get the first job you apply for – very few people do. If possible, ask why you didn’t get the job and look at areas you can improve for the next time. That way you will get the job of your dreams and find yourself to be a valued employee who is passionate about their role.