A Step-by-Step Guide to Buying a Property in 2020
Updated: Nov 10, 2020
During the strange and different circumstances that this year has presented to us, a lot of us are thinking about changing things up. Working from home or being furloughed may have meant extra time on your hands to assess what is going on in your life and what it is that you really want to be and do. Perhaps you have found a new passion, a new career, a hobby, or even a partner to spend some actual face time with!
As well as many people considering how to invest their spare time, we know lots of people have been educating themselves about to successfully invest their money. Property investment is an investment strategy that was popular before the pandemic, and even more so now!
If you have also been inspired to take advantage of the exciting housing market outside of London, then keep reading to get your step-by-step guide to buying a property in 2020.
Step #1: Location is Everything
You might have noticed that we (not so subtly) mentioned buying a home outside of London. The stats are in and more people than not are fleeing leaving London for something more affordable and just as exciting. One of the most popular spots is Liverpool.
You may be thinking okay, why Liverpool? Here are just a few reasons this city is attracting so many buyers:
Votes one of the best cities in the world
Location in North West of England makes it accessible to Manchester, North Wales, York, and other popular destinations
One of the cheapest cities in the UK
Museums, galleries, as well as a popular area called The Baltic Triangle
City of Pop - Birthpace of THE BEATLES
Parks and Beaches
Universities and Colleges
…to name a few.
To top it all off the housing market is very attractive for buyers and sellers. You can actually find a property in Liverpool for £35,000! The yields in Liverpool average around 8% although Winova Properties 10% as a minimum! These figures are strong, however, sourcing your property can be a challenge. This brings us to Step number two.
Step #2: Sourcing Your Property
The word sourcing is more than just a fancy word for finding a place to live, after all, you can open the weekly paper or run a quick Google search and come up with plenty of options. Unfortunately, without having an expert in your chosen investment area, your carefully thought out investment can disappear down a real estate rabbit hole.
Here are some tips when it comes to choosing a good sourcing partner in Liverpool:
Choose a company that specialises in the Liverpool market
Transparency – chose a company that is open and honest
Good reviews – Chose a company that has a great track record and ask to speak to their past or current clients to verify
Unbiased advice and impartial buying options are critical
Power team – Chose a company who has strong connections with the right people such as builders, local letting agents, and others can save you loads of money
Project Management – chose a company that offers hands-off investing as you may live far away from your chosen Investment area and need them to do every single part of the project
When you have a great sourcing partner, finding the right property investments are easy and seamless.
Also, be sure to consider and express the purpose of your investment:
Is this an investment you want to live in yourself and remodel for resell as prices rise OR are you taking advantage of the letting market to pay off your mortgage and create working capital as well?
Step #3: Making your money work harder for you
Many people might not actually want to own their own investment property but are keen to make their money work harder for them. Winova properties offer the opportunity for investors to work with them via loan agreements.
A loan agreement secures that both parties are committed and legally protected. Contact us today to find out more about investment terms and fixed rate returns on your money.
If you are ready to get out of an overcrowded city and make some extracash, consider investing in Liverpool. With great things to see, do, and eat, as well as impressive market yields, it has never been a better time to invest.
For more information and to get started finding out how to sell and buy property for a nice investment, start here.
Written by Ester K, sales and Public Relations (PR nerd), obsessed with research, sleeping in as much as possible, and listening to podcasts. When I am not at home with my fam I enjoy long walks through the beautiful city of Jerusalem.