Don't buy in the wrong area. Read description to know why.
Here’s why buying emotionally, for example where you live, isn't a great idea. Let’s say you live in London and have £50,000 saved.
1. You may buy in the wrong area for growth. Savills have predicted house prices to fall in London this year by 2% this is because interest rates on the higher value properties are simply just unaffordable for buyers, forcing them to buy outside of London.
2. £50,000 will give you limited options on what houses you can go for in London with the deposit and the refurb, meaning you may end up in an area you don’t want to be in..
3. You may not be experienced in buying and renovating meaning there’s a higher chance that things could go wrong, and you may not have a contingency for it.
So what do you do then? Well you invest in a property in the best location right now for growth and cashflow, which at the moment is the North East of England. According to ONS and .gov the North East saw 21.5% capital growth, 3 x that of London! Savills have predicted the most growth in the North too all the way to 2028. AND, zoopla states the North East as the best yielding area in the whole of the UK. Google it!
You then put your £50,000 to work and essentially hedge against the rent you're paying. Only one of my properties will make £1,000 a month once you factor the capital growth and cashflow. Now you have just chopped your rent in half!
Now you're thinking, it’s way too far to travel to the North East and I don’t know the area well enough. This is where we come in. We are experts in the North for buying investment properties for people with the cash, but either no time or experience. We handle the finding and viewing and analysis all the way to the refurbishing and letting.
If you want to know more comment ‘more’ below, and follow @koveproperties for more property tips
KOVE are based in the North East of England in the United Kingdom
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