Those of you who spend your days or evenings watching “Grand Designs” or “Location, Location, Location” may have started considering investing in property. Property investment can be a realistic dream if you’re willing to put the time and effort into learning all about it and understanding investment to the best of your ability. When you have a family, or if you’ve recently become a parent, then you may be considering property investment. It can be a great way to make a passive income – avoiding all the issues that could come with maternity/paternity leave when you have a 9 to 5 job.
There are a variety of ways to invest in property. You may decide to buy and renovate a home to sell it at a later date or create a portfolio of property to let/rent. Having children doesn’t alter your chances of getting into the property investment industry – it’s definitely achievable.
Are you interested in learning more about how to invest in property with a family? Keep reading for our top tips and information surrounding what you need to know before you invest.
Gathering Research and Understanding Investment
The most important thing before making any investment is understanding the market you’re entering into. Within the media, property investors are often described and shown as individuals who are entrepreneurial, full of life, and enthusiasm. However, investors really do come in all different shapes and sizes! Investors are mums and dads, and they’re aunties and uncles, they’re your boss or your colleague. Since the property investment industry is more accessible than it has ever been (due to buy to let mortgages!), it’s more often than not a person who you’d least expect.
Gather the research around the property market. Be sure to include the best areas to invest and where the tenant demand is. This is essential to your success. Understanding the pros and cons of the investment and what it can offer you is also vital before you jump into purchasing a property. If you’re familiar with the industry, then you’ll feel more confident going forward. If you have a job and children to look after, we recommend doing your research during the evenings when everything is a little calmer and more relaxing.
Hands-off vs. Hands-on Strategy
Hands-off and hands-on property strategies are popular choices in the investment industry. They’re essentially the opposite of one another. Hands-on investment is when you’re actively involved in the investment process. This includes after the exchange, as you might be required to search for tenants and vet before they move into your property. This can work very well and prove satisfying but being a landlord isn’t for everyone, especially if you have children and have a job too. Plus, there are a whole host of legal obligations that aren’t required to know about your property and tenant.
Hands-off investment is a lot less time-consuming than having to manage your property. You’re still involved in the investment to an extent. However, if you have a good agent managing your property, then you can rest assured that your investment will be looked after professionally and generate good returns. If this type of investment seems right for you, companies like RWinvest offer a hand-off investment for investors. This means you don’t have to worry about putting a lot of unnecessary time and effort into being a landlord. That time can be spent having fun with your children. Investors find that the hands-off investment strategy works more efficiently if you have other commitments, especially having a family and home to look after.
Embarking on your Property Investment Journey
Embarking on your property journey is an exciting and daunting process. Don’t let anything put you off getting started and learning more. It isn’t an easy market to tackle. You will find it difficult towards the beginning. The more you get involved and start your journey, the better it will become. Don’t allow having children and a family, to stop your dreams coming true and changing your life. The property industry is a highly lucrative business to be involved with. It’s a perfect time to start if you’re thinking about it. It’s almost guaranteed that you will look back, grateful for the opportunity!