The Welsh property market is a hot topic these days, with the country flourishing and house prices rising. With this in mind, it makes perfect sense to invest now before the prices rise too much higher. Below you’ll find a list of things you need to know about investing in Welsh property so that you make an informed decision.
Get to know the area before investing
Investing in a new area can be exciting, but is also risky. You don’t want to purchase a property that’s located too far away from the amenities you need. For example, if you’re looking for somewhere to live and work, then it probably makes more sense for you to invest in an area closer to where you work rather than vice versa.
Try to find out as much as you can about the area, the council and where you think it’s heading. You’ll be able to do this by talking to locals or even finding blogs on popular websites like moneysavingexpert.com. This way, you will be more comfortable making your decision and won’t feel like you’re stuck with a property you don’t want.
Think about your budget
Welsh property is not as cheap as it once was, but it’s still cheaper than in other parts of the UK. With this in mind, you need to think about how much you’re willing to spend and what your budget is. You don’t want to spend more than the market value of a property and then find yourself struggling to make the mortgage repayments.
You’ll also need to carefully budget for other associated costs such as stamp duty, legal fees and survey fees.
Understand where is best to invest
Not all Welsh property is created equal and there are some areas that are more desirable than others. If you’re looking to invest in Welsh property, then you should consider Cardiff and the surrounding areas.
Cardiff is Wales’ capital and is a major hub for business and culture. The city is also home to a number of universities which means there is a constant demand for property from students.
Another area that is seeing a lot of investment at the moment is the north Wales coast. This area has some lovely towns and villages, as well as being close to Snowdonia National Park.
Educate yourself on the process
The buying process can be confusing, so it’s important that you take the time to educate yourself on what’s involved. This way, you won’t be caught out by any surprises and will be able to make an informed decision. Asset Academy property investment courses are a fantastic place to start. They’ve got loads of amazing courses to help you build your portfolio and understand the property business better. This will be really useful regardless of where you’re investing!
Understand the selling points
When you decide to sell the property at a later date, it’s important that you understand what your selling point will be. You can do this by looking at comparable properties and identifying why yours is better. Is it in a nicer area? Does it have more storage space?
Simply making improvements to your property isn’t enough as potential buyers will simply compare it to other properties that are for sale.
