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How to invest in property

Action Plan:

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Action Plan Overview

If you have grand designs on property investment you'll need to get your finances into gear. We show you how to work out if property development is a realistic dream & how to make it happen.

		a	Find out: How can you invest in property?
		b	Find out: What are the pros and cons of investing in a buy-to-let property?
		c	Find out: What are the pros and cons of investing in a commercial buy-to-let property?
		d	Find out: What are the pros and cons of property development?
		e	Find out: What are the pros and cons of investing in a new build to sell on?
		f	Find out: What are the pros and cons of investing in a property abroad?
		g	Find out: What are the financial implications of property investment?
		h	Decide: Should you invest in property?
		i	Decide: What type of property should you invest in?

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		a	Do: Get all of your paperwork together
		b	Work out: How much do you spend on compulsory expenses?
		c	Work out: How much do you spend on essentials?
		d	Work out: How much do you spend on luxuries?
		e	Consider: Do you need to budget for any big expenses?
		f	Work out: How much do you spend each month?

		a	Find out: How much do you get paid?
		b	Find out: How much do you earn from other jobs?
		c	Find out: How much do you earn in interest or dividends from savings and investments?
		d	Find out: How much do you receive in tax credits or benefits?
		e	Find out: How much do you earn in bonuses?
		f	Find out: How much do you earn from overtime?
		g	Find out: What's your average monthly income?

		a	Work out: How much do you have in savings?
		b	Work out: What's your investment portfolio worth?
		c	Consider: Can you raise extra money?
		d	Find out: How much of your savings should you put down as a deposit?
		e	Work out: How much could you put down as a deposit?
		f	Work out: How much can you borrow on a mortgage?
		g	Work out: What's your monthly mortgage budget?
		h	Find out: How much do you need to borrow?
		i	Work out: How much would you need to earn from your investment?
		j	Find out: How much money could you make if you invest in property?
		k	Find out: How much money do you stand to lose if you invest in property?
		l	Decide: Is property investment financially viable?

		a	Do: Get together your deposit
		b	Do: Put your property on the market
		c	Do: Remortgage your house to raise funds
		d	Find out: What is the best type of mortgage for you?
		e	Do: Apply for a mortgage in principle
		f	Do: Start working to a careful budget

		a	Do: Research your potential tenants
		b	Do: Research your potential buyers
		c	Decide: What features does your investment property need to have?
		d	Decide: Where should you buy an investment property?
		e	Do: Check out potential areas
		f	Do: Speak to estate agents
		g	Do: Check property websites
		h	Do: Arrange viewings of any property you're interested in
		i	Decide: Which house do you want to buy?

		a	Do: Make an offer
		b	Find out: How do you negotiate on house prices and get an offer accepted?
		c	Do: Get the property taken off the market

		a	Do: Find a solicitor
		b	Find out: What surveys should you get on the house you're going to buy?
		c	Decide: How in depth do you want the surveys to be?
		d	Do: Arrange surveys on the property
		e	Decide: Should you renegotiate the purchase price in light of the survey results?

		a	Do: Agree a sale price
		b	Do: Exchange contracts
		c	Do: Make the deposit available
		d	Do: Agree a moving date

		a	Do: Finalise the transfer of funds and complete the sale
		b	Do: Collect the keys
		c	Do: Arrange buildings insurance

		a	Consider: What renovation work needs doing?
		b	Decide: Should you sell or rent out your property?

		a	Do: Make sure you have enough money to cover months with no tenant
		b	Decide: Do you need landlord insurance?
		c	Find out: Are you paying too much in agent's fees?
		d	Do: Budget for property repairs
		e	Do: Add rental income to your tax return
		f	Do: Claim for any rental costs on your tax return
		g	Do: Shop around for the best deal on buildings insurance at renewal
		h	Do: Shop around for the best mortgage deal at renewal
		i	Do: Review how much rent you are charging
		j	Do: Regularly check your outlay vs return on your mortgage
		k	Do: Regularly review your exit strategy