Dr Lafina Diamandis outlines the five big investment strategies that doctors need to know when it comes to bricks and mortar.
Having a plan when it comes to property investment is vital. It’s like setting up a business or becoming a doctor – you’re unlikely to succeed if you set out without a plan or identifying the steps you need to take to achieve your goals.
You need to know as much as possible about the different ways you can invest in property, choose a strategy and focus on it. Here is an outline of different options:
1 Buy to let
Buy to let (BTL) is easily the most common property strategy known and the basic model implies buying a property to let it out, usually to a single tenant, long-term; for example, six to 12 months.
Technically speaking, any property purchased to let out is a buy-to-let, but depending on the type and number of tenants and the duration of the tenancy, the name given to the type of letting differs.
For example, when you let a property, you can choose to let it in one of the following ways – subject to local rules and regulations as well as your mortgage terms and conditions:
- Single let;
- Serviced accommodation;
- Holiday let;
- Commercial let to shops or firms.
These may be long lets – more than three months – or short let : anything up to 90 days. Different types of letting require different types of rental agreements, so make sure you check with a solicitor or relevant authority before going ahead.
You might want to consider investing in a BTL if life is too unstable for you to settle on investing in a property where you will live long-term. You might also consider BTL if you can’t afford to buy in the area you want to live yet.
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