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Beginner’s Guide to Building a Property Portfolio in Kent

Beginner’s Guide to Building a Property Portfolio in Kent

Beginner’s Guide to
Building a Property Portfolio in Kent

In this two-minute read,
we look at the basics of building your portfolio and how to try and make your
investment a sound one.

Building a property portfolio
might sound like a great way to build an additional income, but it can be a
tricky area to navigate with lots of pros and cons.

Getting started

First things first, where is
the cash coming from? Have you already got a property and looking to buy a
second? Or maybe you’re tentatively dipping your toes into the rental property
market for the first time.

Whether you’re refinancing an
existing property, or you’ve won the lottery (fingers crossed!), your initial
pot needs to be big enough to cover the deposit (minimum of 25%) and legal
costs. This is the minimal starting point when looking to buy additional

Create a property profile

Have a clear idea of the kind
of properties you’re looking for. Do you want to renovate and add value, or do
you want something that tenants can move into straight away? Sticking to a checklist
of requirements will help you stay focused and find a deal that really works
for your budget.

Always know your numbers

Money money money… no this
isn’t an ABBA song, it’s the core of building your property portfolio. A savvy
landlord or property owner needs to know exactly where the money is coming from
(or going to) for every step of the process. There’s your deposit, legal costs,
stamp duty, renovation costs, rental yield, agency fees etc. It’s basically a
never-ending spreadsheet that you need to keep on top of.

Knowing your numbers and
carefully planning a budget is the key to successfully growing your portfolio.

Get chatting

Building a property portfolio
requires you to build relationships. Pop in for a coffee at CWB Propertytell us what you’re looking
for and your budget so that we can keep you in mind when anything suitable comes
up. Similarly, our Lettings team has a wealth of knowledge regarding the types
of tenants attracted to Kent and their property requirements. So,
this will help shape your initial property searches and buying decisions.

Create a network

Trust is so important when
you’re buying property. Make sure you’re working with people you can rely on
and that have the relevant experience. This applies to your solicitor, mortgage
broker, and your builder (if your purchase needs some TLC).

Once you’ve established these
working relationships, next time, hopefully the process will be easier. Personal
recommendations from a friend or family member are a great place to start, but never
feel like you have to settle for the first professional you meet.

To get started with your
buy-to-let property search in Kent,
give us a call on 01634 304326.