3 Property Investment Similarities for 2023 – Spot72.com
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Spot72.com – 3 common property investments for 2023. When it comes to UK properties, 2022 looks like it’s going to be the best year yet. The market is in better health than ever and has proven itself to be a reliable prospect once again.
Despite the unprecedented disruptions of the last 18 months, rents are at record highs and projected house price growth is high.
However, there are many misconceptions about property investment that may give a bad impression on the market. Here, we take a look at 10 of the most common property investment myths and provide the answers you’re looking for.
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1.) The prime downtown market meets all requirements.
When a city is growing fast enough there will always be a concern about whether the market is full blown, therefore whether there is still the same reliable profit to be made. With many property investments, this concern can be explored through doing research.
Take Manchester as a case study. The city has become a UK property investment hotspot in recent years, and it’s fair to wonder if that has peaked.
However, the underlying factors that led to its success have not gone anywhere – in many cases conditions are even more favorable now than they were before.
For example, Manchester’s population growth is actually accelerating, and at the same time the pace of delivering new homes is slowing.
Deloitte Derek’s latest survey shows the pace of construction in Manchester, noting that last year saw 5,000 complete housing units in the city, with another 12,000 under construction.
However, at the same time, the latest seizure of the office for National Statistics and Manchester City Council indicates that the City’s community is expected to grow to more than 70,000 over the next five years. This means that Short It’s only going to get worse – and the record rental viewing in 2021 will continue to be a feature and not a bug.
Learn more about the undersupply and Manchester market by Clicking here.
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2.) Buying off-plan before construction is complete is risky
Buying ‘off-plan’ means buying the property before construction is complete. It usually comes with some risks, but by finding the right location and developer, you can avoid them easily.
I chose a developer with a reliable track record of completing their buildings and delivering a strong, profitable investment, you don’t have to worry too much about buying before the building is finished. Any reputable sales agent will be able to provide you with a full history of the developer, as well as provide case studies and testimonials from previous investors.
Also, you can take the worry out of future rental requests once the property is complete by choosing up and coming areas carefully. A good example is Preston … who is early on investing … and owns several luxury accommodations downtown.
The long-term outlook for Preston is positive and shows no signs of slowing down in the future—making it a perfect example of an area where buying off-plan can lead to reliable, substantial profits.
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3.) Buying finished property is more profitable
Buying a finished property is another option than buying off-plan. Attraction buying is complete, Investment Working is clear and clear. What’s an easier way to start earning right away than buying a property that already has tenants?
While that is true, buying a complete property often comes with other problems. For one, it is usually more expensive than buying an off-plan property which can often be guaranteed at below market rates and will often provide a large amount of capital award on completion.
Second, many existing properties come with maintenance and repairs that need to be done right away, adding instant cash operating costs to the investment that will be deducted from your rental yield.
Similarly, existing properties may not comply with modern energy efficiency standards or have appropriate safety certificates – all of which could require further repairs.
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