5 tips for property investors-to-be

If 2022 is the year that you’re thinking of finally getting into property investment, then these are the top five tips for you. Eimear Gourley, dubbed the ‘NI Property Girl’ and Director at Keego Investments, gives us her take on the must-knows for anyone thinking of getting on to the property ladder or taking the plunge into property investment to boost their income.

1. New Year New You? The market is hot – get in early to avoid disappointment. The majority of properties are selling for market value or above so you may have a better chance of having a successful bid if you enter into negotiation at these prices, instead of starting low and letting others join the race. But, as always, be careful not to overpay! Set your limits before you go in and stick to them.
2. Do your homework. Research thoroughly for what you want. Buying a home is a huge decision and getting it right is so important. Look into transport routes, schools, shops, your employment location and being close by to friends or family. It’s always a good idea to visit the area at different times of the day to get a good feel for it.
3. If you’re going to be taking out a mortgage, try to obtain what is known as a decision in principle or DIP. This allows you to know what your exact budget will be and get you ahead of the game when it comes to offers. Some estate agents have actually ruled buyers out recently who have not had their mortgage ready to go due to the amount of competition that’s out there.
4. Don’t panic. Take your time to get it right. Buying a home should be an exciting time and whilst it can be stressful, there is no need to make it more so by rushing into something that you know just isn’t right. Get the right area, the right property and be sure to get the right professionals on board to help. This will all reduce any stress levels and help to ensure a smooth process. Remember that once you agree to buy a house it can take 4-6 months for the sale to complete and for you to get the keys. Keep this in mind when planning.
5. Do not be tempted to buy the fixer upper if you normally would not be interested. If you are not normally a DIY enthusiast, bring a builder with you for a viewing to give you a quote for the work. This can be a great way to get a home in a perfect location provided you have the money and the time to complete the work. Some are happy to do one room at a time for a few years to get it right.

To find out more about potential investment opportunities throughout Northern Ireland and beyond, visit www.keegoinvestments.co.uk – follow @ni_propertygirl on Instagram or search Eimear Gourley on LinkedIn.

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