5 Yacht Crew Property Tips
It seems like everyone wants to invest in property so why do so few people actually take the leap?
Investing in rental properties can not only increase your passive income through rent, but the potential for wealth creation from future property price growth is huge. As a result, Yacht Crew have always been excited by the tangible asset that is property.
However, buying a property can be a daunting task. This is true even for 'normal' people, let alone seafarers who are paid in foreign currencies, live on a boat and work insane hours.
Buying property as a pure investment is an especially HUGE topic so we've put together 5 of the most important tips to help you succeed!
1. DO THE BORING STUFF FIRST
Everyone enjoys scrolling the internet looking at properties. Checking out the kitchens and bathrooms and planning the furniture you're going to buy. But until you have worked out if you can get a mortgage, what your budget is and whether it's even a good investment financially, there really isn't much point.
Talk to some professionals who can set you up early with all the tools you need so that when you do find the property of your dreams, you're ready to pounce! These include a mortgage broker, solicitor, investment specialist and accountant.
2. EXPLORE DIFFERENT LOCATIONS
If you're looking to buy a property purely as an investment, then make sure you're buying in the best investment areas. So many crew want to buy property near where they live, and that's okay, but when you're investing in property to make profits 'okay' doesn't always cut it.
Often you'll find that you could be getting a higher return from rent and stand a better chance of future growth by buying a property in an area you don't know very well. You might not be personally familiar with places like Nottingham, Liverpool, Sheffield or Birmingham, but you will find your money can perform very very well there. A bit of research can go a long way.
3. LEAD WITH YOUR HEAD NOT YOUR HEART
Everyone likes the idea of owning a victorian property with high ceilings, exposed beams and 200 years of history. Unfortunately, when we invest in property we have to buy with our heads not our hearts. It's crucial to remember that you are not buying a property to live in yourself.
The best investment you can make might be a property that isn't particularly attractive and that's in an area where you wouldn't want to live. It's all about the numbers at the end of the day, researching an area in depth will help you to work out if properties in that area will let easily and have a good chance of going up in value.
4. YOU DO YOU BABE
Yachting is a fantastic industry full of people from various countries with different skill sets, different experience levels and of all different ages. The advice you get from a crew mate might be suitable for you, but then again it could be completely inappropriate for someone in your position.
There are two sides to every story and the truth usually lies somewhere in the middle. Listen to anyone and everyone who has bought investment property in the past and learn from their mistakes but don't take anecdotes as fact. You are the only person in your exact situation and with your exact goals so you need to have your own investment strategy.
Like with any investing, diversification is so important in property. If you plan on buying 5 properties then make sure they aren't all flats in the centre of Sheffield, or all terraced houses in Liverpool. Buy a variety of property types in a variety of locations not only to help decrease the overall risk of your portfolio, but also to keep things exciting!
Collecting property is something that very few people are able to do, but as yacht crew benefiting from the perfect storm of high salaries and low outgoings the opportunities are huge. For more information tailored to you, feel free to get in touch with our team.