My eldest kid has just got himself a job in the oil & gas industry! Great, I said, where are you heading to Gulf of Mexico, Houson? Oh no pops, bit further afield – Aberdeen! Turns out that Aberdeen is actuallyone of the top 2 oil and gas locations in the world. Impressive! However theres a problem with that – and I’m talking about property prices – they are sky high!
A single bedroom apartment will set you back almost $350,000 and if you want a family house, well, lets just say you’ll be eating beans on toast for a long time on the kind of wages most of us earn over here. So, I decided to do a bit of digging and it turns out that one of the more popular ways to get quality accomodation is to lease a serviced apartment. They come with all the mod cons, including shared gym in some cases and they arent actually much more expensive than renting normal accomodation. I suggested to junior that maybe he should try this apporach until he gets settled into a job and house.
So, with this in mind, I contacted some local leasing companies specialising inthis field and was happy to say that Langley Apartments came up trumps with some solid advice for invetors in the Aberdeen property market. Heres what they had to say.
If you’re interested in how to invest some money, then buying a home is still one of the best options. Always remember that location is vital, and you can identify the properties best situated to turn real profits. As with any investment, you should do your research, analyze the risks and invest wisely. We have clients who have investigated as many as 100 individual properties in the area; tracking everything with a spreadsheet or database. You also need to look at repair budgets, transport costs, and, for Aberdeen, the current oil price. This will help you figure out which deals are the best.
If you want to invest in real estate then you have to be committed to the process, and when you are looking for your first home focus on a single market segment, as opposed to taking on too much. Regardless of what you are doing, make sure that you feel comfortable. When drafting your strategy, understand that the initial costs will usually go beyond the purchase price of the property. You will also need to pay solicitors fees, stamp duty (property tax), and other legal fees. Consider these costs when you work on your budget.
There are a couple of things to look for if you are thinking about investing in property in Aberdeen. First, avoid overpaying for land and itt’s also important to make sure that too much money isn’t spent on renovating the property. Take a good look at the property and what you can expect in terms of rental income and if (but only if!!) the numbers are right, then go for it.
Most people want to stay in locations that have a buzz around them, such as West End apartments in Aberdeen or the areas surrounding the city centre. This is important because it will be easier to sell the property. Also, try to look for properties that can be easily maintained.
If you are looking into renting property, make sure that the monthly rent will be covered by your wages minus living costs and some money to spend on entertaining. When you do this, you can be more certain of having a settled existence. Nothing is worse than having to come up with money out of your pocket for the monthly rent because your entertainent budget is running over.
If you are thinking about purchasing real estate, hiring someone to find the right property and to handle the legal aspects is a must in the UK.
Renting, or buying a property is no small task but its something we all need to do. Just take your time, hire the right expertise and aim at the right level of expenditure and you will be fine.