Young people in Britain dream of buying their own homes.
However, for the majority of these wannabe first time
homebuyers, owning one is plain wishful thinking. Adding
insult to injury for these dreamers are the research
results from industry-leading market intelligence provider
MINTEL. According to the company, there are millions of UK
homeowners who own a second home in the UK or abroad, just
the exact opposite of what the younger homebuyers are going
through.
According to MINTEL, most of these property tycoons are buy
to let landlords who own property in the UK that they rent
out, while the rest are those who simply take pleasure in
owning more than one place they can call home. The research
also revealed that more homeowners are set on having
another UK property that they can let out. This means that
buy to let is no longer limited to professional portfolio
landlords.
It is not unexpected that almost every wannabe tycoon has
joined the property bandwagon in an attempt to reap their
own millions. It cannot be denied that many people would
lead some to think that making mint out of bricks and
mortar is simple. But some property advisers claim that it
is not exactly the case.
Like in any business endeavor, the first step to becoming a
successful property businessman is to have the money to
invest at the outset. While having £2 million will
greatly help in the undertaking, many property tycoons
started out with very little. What made the difference is
that they were ready to take risks to realize their
long-term goals and they had the ambition to become what
they are today.
In recent times, too many are out to make property the
source of quick money. But the truth is that to be
successful entrepreneurs, wannabe tycoons need to take the
long-term view on where they want to be, and not just think
about the speed with which it will earn money.
Experts suggest that nascent property tycoons follow these
tips:
1. Be courageous. The tycoons of property didn't get to
where they are now if they didn't take big chances. Taking
big risks can result to reaping big rewards.
2. Have enough money to support your venture. Having a
banker and a good lawyer will help sort things out as you
go along your way.
3. When investing in property, use your head. If you want
to make business sense, avoid emotional investing.
4. Make sure you have taken a close look at the
fundamentals. Check the location of the property, its
structural soundness and the type of tenants living in the
establishment.
5. Take the long-term outlook. Don't get in the market to
make quick bucks. Buy to let is a long term investment and
should not be viewed as something that will yield profit in
6 to 12 months.
6. Seek professional advice. Investors would do well if
they had the expert guidance of property mentors.
Investors in buy to let who want to become genuinely
successful would do better if they placed their focus on
these important tips provided by experts in the field. In
due time, these tycoon hopefuls will be able to harvest the
fruits of their labor, and ultimately become the property
tycoons they have always dreamed about.
----------------------------------------------------
Parmdeep Vadesha is a property investment expert and
founder of the largest community of property entrepreneurs
on the web who buy below market value properties from
distressed homeowners facing repossession, divorce and
bankruptcy. He writes a monthly newsletter for over 70,000
property investors worldwide -
http://www.Property-System.com
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