If you want to make money and save on taxes, it is a great idea to invest in an off-plan property short-term lets. The problem is that it can be challenging to know how to get started in doing this.
Not only will you need to find the perfect short-term rental market. You will also need to find the right properties to invest in. To make things easier for you, we have written a guide. Keep reading to find out more.
Table of contents
- What is Off-Plan Property Investment?
- How to Find the Best off Plan Property Developers
- Where to Invest in Off-Plan Properties
- Off-Plan properties: Short term lets property advice
- Find the best Off-Plan property for short term lets today
1. What Is Off-Plan property investment?
Off-Plan property investment refers to investing in properties that are still in the construction or planning phases.
It is becoming more common for investors to purchase these types of properties with the intention of turning them into short-term lets.
There are plenty of good reasons for buying property Off-Plan. Not only will you pay below-market prices for these properties. You will also have a wider selection of units to choose from.
It is important to be aware that demand is rising for Off-Plan property investments in the United Kingdom’s largest cities.
You will be given a date that the structure is expected to be completed. You might need to pay a reservation fee to secure your preferred units.
There are several key differences between investing in Off-Plan properties and purchasing properties that have already been constructed.
One of the greatest benefits of purchasing a traditional residential property that has already been built is that you will be able to view it right away. You will also be able to quickly turn it into a short term lets.
You will not be able to do this if you purchase an Off-Plan property.
If you purchase a residential property that has already been built, it will be possible to make a deposit. You can then pay the remaining amount in mortgage payments or by making a one-off payment of cash.
If you are interested in purchasing eco-friendly properties, it is a good idea to invest in this type of properties. This is because new build homes tend to be more energy efficient.
2. How to Find the Best Off-Plan Property Developers
It is important to do plenty of research about the investment in property that you are interested in buying.
When you are reaching out to developers, it is a good idea to ask for a track record portfolio that breaks down their completed projects. You should also make sure to choose a developer who has plenty of experience.
Lastly, look for Off-Market property developers who have great customer reviews. You can find out about Off-Plan property developers by visiting the top housing market news sites.
3. Where to Invest in Off-Plan Properties
One of the best ways to learn about Off-Plan properties is by looking through websites of property investment businesses.
It is common for property investment companies to work with Off-Plan developers. Property investment companies often sell units on behalf of the developers.
Before you start looking for properties to purchase, make sure that this is something that you are ready to do. Most importantly, you need to be ready to wait for the property’s completion date.
You also need to be okay with not taking physical tours of the properties that you invest in.
In the UK, seven of the best cities to invest in Off-Plan properties are:
4. Off-Plan properties: Short term lets property advice
There are several important things that you need to know about investing in an Off-Plan property that you want to turn into a short term let.
First, understand the importance of assessing your buying power. This will require enlisting a certified public accountant (CPA) who has a speciality in real estate investments.
They can help you identify what resources will be necessary for allocating to the property that you want to invest in.
You will also need to perform a market analysis. This will help you figure out where short term lets are likely to be most profitable.
For example, then your CPA can help you to understand whether or not it is a good idea for you to buy property in the UK.
Next, take the time to investigate licences. There are many areas that do not allow people to set up short term lets.
Therefore, take the time to figure out what you are and are not able to do with certain properties.
If you are still in the process of looking for properties for short term lets, it is a good idea to work with a real estate agent. A real estate agent will understand the ins and outs of the property market.
Once you’ve found the perfect property to invest in, you will probably need to reach out to a lender.
5. Find the best Off-Plan property for short term lets today
If you are interested in investing in property for short term lets, it is important to know where to find these types of properties and to find the best possible property developers.
If you want to take the hassle out of finding an Off-Plan property for short term lets, then don’t hesitate to reach out to us today. Our mission is to help landlords to turn their investments into profitable sources of income.