Property planning for 2020
The start of a new year means that we can start to think about all the things that we want to achieve during the next 12 months.
For some people this could be in their personal life, such as finding love, or perhaps getting fit. But for others those aims can be a little different.
Property planning is one of the things that can pop up during a look at 2020. But the plans that you want to put in place will really depend on your own circumstances and the things that you are looking to achieve.
So, with this in mind, let's take a look at some of the main property planning ideas that you may have for 2020 and how you can help to take steps towards this goal.
Buy to let investment
Buying a buy to let property as a way to invest and in turn make money is becoming all the more popular. Whilst it may seem straightforward, the thing with buy to let is that it can be difficult to know where to start. The first thing should always be to research the market, look at who is renting in the area that you want to buy in and the type of properties that will appeal to them. Once you have this information you are going to be able to find the ideal property to invest in.
You also need to make sure that you understand the difficulties that can come with buying a buy to let property. How you will manage it and whether or not you want to privately rent or if you want to use an agent to make things easier.
Getting on the property ladder
Another property goal that many people will have is getting on the property ladder. Buying your first home is definitely something that you need to give plenty of thought to before you dive in. The first step should always be to talk to a mortgage company or advisor and find out how much you are likely to be able to raise to buy a property.
This will depend on your financial status and of course, how much of a deposit you are going to be able to raise in order to buy that property. Once you have this information then you need to start looking for a property that not only fits in with what you are looking for, but that you can afford too. This can be a lengthy process and one that you need to make sure that you take your time with.
Building a retirement portfolio
While some people decide that they are going to rely on their pensions during retirement, there are others who want to find other ways to raise funds for them to live on when they give up work. One idea is to build a property retirement portfolio.
The first thing that you need to do is identify your goals, as knowing where you want to be will help you to get there. Once you have these in mind, you also need to start small, only buy one property and see if this works for you. When you have got to grips with this property then you can start to buy more and then build up your portfolio.
2020 can be a great for you property wise. Just make sure that you know what you want to achieve and we are sure that with some effort, time and thought, you can get exactly where you want to be.