People often talk about property investment as if it’s a golden shortcut. Buy a place and rent it out. Watch all the money roll in while you sleep. Sounds simple, right – it is – until you actually do it. Then it’s emails to the tenant at 3 am to chase missing rent payments, endless quotes from tradesmen and a mortgage form written in what might as well be an alien language.
If you want to venture down this route, it doesn’t need to be a full-time job or full-time headache for you. There are ways you can make life much easier—not foolproof, not effortless, but easier. The difference is in the planning, the people, and how honest you are with yourself before you even start.
Know What You’re Buying Into
Here’s the kicker: while property investment is touted as the dream for your future, it’s not a dream, and for a lot of people, it can be a living nightmare. Going into this thinking you’re buying a house is your first mistake. You’re not, you’re buying a project. A slow, sometimes messy project that’s a long-term commitment and seemingly ever-changing.
And that promise people shout about making money in property, it’s not guaranteed. Sure, the UK average rental yield is hovering around 5.60% to 5.80%. This can vary depending on multiple factors, including property type, size, and the ceiling in the area you’re buying.
Once you add insurance taxes, repairs, etc., this income can dwindle to next to nothing, leaving you wondering why you started in the first place. So before you buy anything, do your research and understand exactly what you’re buying into.
Don’t Try To Do It All Alone
Sure, it makes sense to spend as little as you can to save on the costs of being a landlord, but this often trips many people up. Not everyone is equipped to understand the nuances of the real estate market or what is best, legal, and appropriate. And going it alone can leave you in a worse position than when you started.
This is where you should bring in experts. from helping you understand tax laws to getting the right mortgage and managing your rental empire, there’s an expert to help. From solicitors, to financial advisors, letting agents or companies who can help you find solid investments, handle the research and take on the day-to-day management like Lifestyle Property Group, try not to do it all alone and get some help on your side.
Focus On The Long Game
Even the best planned investments have bad days, and in property, you need to have your focus on the long game, not the quick wins. Empty months, broken boilers, damaged roofing, non-paying tenants and sudden interest hikes – they all happen. This is why a buffer isn’t optional; it’s essential. You need something to keep you going through the lean times, through the high expenses, or the 6 months the property is sitting empty.
Because success in property isn’t about predicting the future, it’s about being able to handle the difficulties and come out strong on the other side.