People are always asking when it is the right time to invest in real estate. It is not that they have put off investing in property. Soon-to-be entrepreneurs simply want a guarantee that they will not lose their money. Those interested in purchasing investment property need to know that there is no better time like the present to take action. Without a doubt in mind, real estate is a good investment right now. The prices in most cities have risen at a rapid pace in the past years, not to mention that the number of sold units is impressive. Property prices have surged, but not in London. Since the Brexit vote, units in various parts of London have fallen as much as 15%. Does this mean that you have to give up the idea of investing in property? No, it simply means that you should be looking outside of London.
Top 3 Places to Invest In Outside Of London
When it comes to making money, you should steer away from London. Besides the fact that property prices have fallen for the very first time, it is expected that they will continue to do so in 2018. This is all due to Brexit and the rising interest rates. What do you do if you are a well-informed investor? Simple: you make money outside of the capital. Not only do you have plenty of options to choose from, but also you can take advantage of capital growth. It does not matter if you are a businessperson with experience or just a newbie. You can still make money in real estate. These are the top investment hotspots. Continue reading to learn more about the key property areas outside of the Square Mile.
1. Truro, Cornwall
Truro is Cornwall’s country town. It is a colourful shopping centre. Shopaholics can find many things to fill their bags with gifts, items for the contemporary home, tasty food, and so on and so forth. Truro is not a European capital of culture, but it can be. The royal museum accommodates objects from Cornwall’s history, like mummies. What is more, it is incredibly pretty. The 19th-century cathedral tells stories from another time. As for the homes, the dominant styles are Victorian villas, Regency cottages, and Georgian family homes. Let us not forget about the coastline and nature. Investing in property in Truro, Cornwall is the smart thing to do. The real estate prices are the same as the ones practiced in 2006. This basically means that they are low. There is room for further growth, so if you want to acquire property, then go right ahead.
2. Jesmond, Newcastle
One place that is extremely popular with young professionals is Jesmond. This part of England is as friendly as it is lively to inhabit. Young professionals are making a lot of money from student housing. Properties of this kind can bring in anything from £65-£120 per room. The more rooms you have, the better. The student population at Newcastle exceeds 50,000, so it should not come as a surprise that providing student accommodation is such a profitable business. If you want to be a smart and savvy investor, then you should buy anything in the city. The area is highly populated and there are 2 important universities nearby. The chances of you not finding tenants are slim to none. The little suburb of Newcastle is an attractive one. Why? Because there are bars, restaurants, and transport options. By the way, it is necessary to make sure that the students do not transform your assets into mini nightclubs.
3. North Oxford, Oxfordshire
The housing market in North Oxford shows progressive growth. At the present moment, prices are not rocketing. However, there is no guarantee that they will not in the near future. North Oxford is without any doubt a great place to live. The climate is mild and the countryside located nearby provides the authentic experience of British life. Since the villages are small, the community is quite friendly. It must be noted that North Oxford has managed to attract famous people, examples including J.R.R. Tolkien and John Bayley. You can just imagine what effect the suburban area has on students. The place provides pleasant accommodation for national and international students. In terms of property investment, it makes a great choice.
The journey of your property investment
Now that you know which are the investment hub spots outside of London, you should start the journey. What you have to do is acquire property and rent it out to a tenant. Before you do that, you need to identify the real estate that you want to buy. Doing your homework is very important. When doing your background research, look into costs. What you are interested in is expenses of the property (utilities, insurance). Equally important is to learn the market rent. If you are planning on renting out a residential property, then you need to have a good idea about the potential of the asset. A real estate professional can help you find this kind of information.
Once you have property, it is a good idea to hire a letting agency. The job of letting agents is to find suitable tenants. Contrary to popular opinion, this is not easy. The difficulty lies in the fact that not all people are reliable. If they do not pay the rent on time, then they destroy the property. It is a good thing that there are letting agencies out there. What the agents do is do a background check. More specifically, they check the references of the applicants and see if they have caused problems or not. The letting agents even manage the estate on your behalf. This implies taking care of everything from finances to repairs. The more properties you acquire, the less time you will have for them. Instead of struggling to prove a point, you should better call in the professionals. Do not worry, the profits will be all yours.