Millions of Britons have turned to property as an investment in recent years,
due largely to rocketing house prices and the relatively poor performance of
stock markets. A lack of confidence in company and state pensions has also
fuelled the move to property, contributing to a boom in
buy to let property investments, overseas property investing and the
second home and holiday home markets.
To the uninitiated, property investing can seem a daunting task – and it is
right to be wary. Building a property portfolio is a serious investment
commitment and does not come without its risks.
First of all, many property investors will need to secure finance in the form
of a mortgage. Buy to let and overseas mortgages tend to be more complicated
than the average home loan. Buy to let lenders in the UK, for example, will
require details on yields
(rental income) to ensure you have enough rental income to cover the monthly
payments (typically by 130%), should there be any voids (empty periods).
Other factors also need to be taken into consideration – for example, property
investors may like to consider
interest-only mortgages as interest is tax deductible. Seeking help
from an independent financial adviser (IFA) will help both amateur and seasoned
property investors make the right decisions.
Expert property investment advice can be even more important when buying
property abroad. Many UK specialist financial advisers can arrange overseas
property financing and have professional links with
conveyancers abroad, making the property purchasing process less
intimidating. After all, it can be difficult enough buying a property in the
UK, let alone in a foreign country with a different legal system and language
to boot.
To search My Local Adviser for
property investment advisers click here.
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