Money to be made in property says experts

2nd September, 2005

Property experts are predicting that there is plenty of money to be made on the property market by investing in houses, even though the market appeared to be slowing down.

In January, experts predicted that house prices would fall by as much as seven per cent by the end of 2005, and now these forecasts seem to have been misdirected.

For anyone looking to buy a new property, home insurance should be a real priority.

Buildings and contents insurance will financially protect homes in case of accidents and theft, not leaving homeowners with large bills to pay.

Andrew Demain of David McLean Homes predicts that the housing market will stabilise, so that a cautious investor can make profit in property, especially in the buy-to-let area.

Experts advise those considering in a buy to let to choose their location carefully, to put down a large deposit, and have enough funds as a back up to cover unexpected events, for example, if homeowners cannot find tenants for a few months.

As Kamran Mahmood, director of MiNC Property Enterprises, commented: 'Buying to let can still be very lucrative as long as investors do the right research and buy carefully. The days of boom and bust appear to be over and the property market is a lot more accessible.

'When once property was seen as a peripheral investment, it is now seen as a central part of any successful investment portfolio,' he added and taking out home insurance cover should help to protect this portfolio.

 

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