Patience is a virtue, especially if you’re looking to make the most of your money in this economy! However, armed with the right knowledge and, of course, patience, property investment can make a real difference to your future.
Dentistry can become an all-consuming career, particularly when you’re the principal or partner of a practice and, as we all are, committed to improving the health of our patients. The lines between work and leisure can easily start to blur and your own health and happiness begin to suffer.
There are a number of ways to address this challenging issue, one of which is to find a path to help secure your financial future in a way that is not overly time-consuming. One such possibility is to capitalise on property market conditions that, if done cleverly, can result in a happy balance between work and home.
Now, property investment is no quick fix and there are rules, regulations and taxes to take into consideration, to name just a few potential stumbling blocks. However, with a little ‘inside’ information, all of this can be wisely addressed and, in fact, pose no hindrance.
Nonetheless, it would be remiss not to state at this point that there is no such thing as a risk-free investment; what we’re aiming to do is reduce the probability of making a poor deal and increase the likelihood of making instant equity when buying property below market value.
So, where to start? As it takes time to become an expert in one area, it makes sense to stick to your neighbourhood, as you know the good and bad areas, where parents want to send their children to school, what the transport links are like, where people find it hard to park, etc. Even knowing all this in your own area will take some time and research, but once you have done the hard work it will be a lot easier for you to spot a bargain – or not!
This is a business venture, so treat it as such. You need to:
• Have clear written goals on what you want to achieve from property
• Know how much money you have at your disposal
• Have the right team on board
• Work out how much time you want to spend on the business
• Know what marketing activities you’re going to do
• Know what strategies you will use after you have bought the property
• Know how to manage the properties.
For tips on how to approach the above-mentioned all-important points in the same way as the professionals, look out for Part 2 in this series.
If you want to know more about making property investment work for you, the Dental Property Club is hosting a three-day ‘Property Advanced Workshop’ on Friday 12 and Saturday 13 September, plus Saturday 18 October 2014, in Stevenage, Hertfordshire. This programme is designed to empower delegates with the cutting edge systems, skills and strategies needed for creating an invincible advantage in the professional property game. You can find out more here: http://bit.ly/1jXKiSO
The content of this article is for information purposes only and should not be relied upon when making financial choices. It is recommended you seek the help of a financial adviser to assess your needs fully before making any decisions and/or making changes.