This is the one question which seems to cause more concern, confusion, and procrastination than any other topic in property.
“Where do I buy? Where do I buy to make money in property?”
Being sensible, buying close to home makes sense.
Maybe not the house next door, but close enough to be able to tap in to your local knowledge, make travel time minimal, and allow you the chance to manage your own properties should you wish to (although to be honest I couldn’t think of a worse way of spending my spare time).
But what if the property strategy you want to pursue doesn’t work in your local area?
Put an other way, what if you can’t do what you want to do where you are?
Well, if that is actually the case, I’d say you’ve only got two choices.
Either do something else (where you are).
Do what what you want to do, but do it somewhere else.
Having spent the last 20 years (almost) investing 150 miles from home, I think the ‘downsides’ of buying away from home are generally over-played and overstated.
I think there can be distinct benefits, not least that your properties are too far away for you to feel obliged to be involved and to do stuff (like managing tenants, doing minor repairs, decorating etc etc).
But like so many things in property I don’t think there is a definite “yes” or “no”, binary right or wrong answer,
Ultimately whether it is right for you or not is your decision.
I give you my thoughts in the video, so please take a look.
Here’s to successful property investing.
Peter Jones B.Sc FRICS
Chartered Surveyor, author and property investor
PS. By the way, I’ve rewritten and updated my best-selling e-book, The Successful Property Investor’s Strategy Workshop, which is an account of how I put together my multi-property portfolio, starting from scratch and with no money of my own, and how you can do the same.
For more details please go to: