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They say that the best things in life are free… But then nobody ever complained about having too much money. The trouble with money is that however much we have, it never seems to be enough. Thus, when we actually have some, it’s understandable that we’d want to grow it as much as possible. While there are many ways in which you can do this, none of them is infallible (otherwise we’d all be millionaires). There are numerous ways in which a prudent investor can gain a substantial return on their investment so long as they possess three qualities;
- Sufficient seed money for realistic growth
- Realistic expectations
When you have the above qualities, the sky’s the limit. That said, some areas of investment are better suited to certain personalities than others. If you want to see a significant return on your investment, yet are fairly risk averse and you have all of the above qualities, there’s every chance that you could make good money by investing in property, particularly if you’re buying in London. Although property is one of the safer investments compared to investing in Forex, stocks or cryptocurrencies, it is still not without risk.
The best way to mitigate risk is to educate yourself, know the market and know what to look for in a property to get the most return on your investment. But even if you have all this knowledge, you still can’t be expected to make a success of yourself alone. That’s why your contacts list should have these people on speed dial to lend you the knowledge, experience and expertise to boost your chances of success in the property market…
A chartered surveyor
Anyone looking to make money from property likely knows the importance of looking beneath the surface. A property can look absolutely fine at first glance but have some serious flaws in the structural or engineering aspects. A good chartered surveyors service will be able to alert you to any issues that may lurk beneath a dazzling veneer. This will help to ensure that your profit margins stay healthy as you won’t be sinking large sums of money into structural repairs or alterations.
In fact, a good plumber is an essential contact whether you’re in the property business or not, but since two of the most common areas for renovation are the kitchen and the bathroom, it’s always a good idea to get a plumber on side. You’ll never make money on a property, no matter how dazzling the kitchen worktops or bathroom suite if the plumbing infrastructure isn’t up to snuff.
A good letting agent
If you want to rent out the property in question it makes sense that you’d want to cut down overheads by managing the property yourself, but be advised that it’s a full time job that you may not have the time or resources to do well. A good letting agent will represent another overhead cost, but they more than pay for themselves in terms of the amount of time and effort that they save you.