We both invest away from where we live, yet the prevailing wisdom is that investing from afar is risky, dangerous and complicated. So why do we recommend considering it, and how can you actually go about doing it?
In this episode, we cover:
- Why you should consider investing away from where you live
- The challenges you’ll face if you do
- Some simple ways of reducing your risk
- A process for conducting the research process
- The key to managing a property from afar
You might decide against it, but we hope we can persuade you to consider it – and give you the tools you need to make an informed choice.
Resource of the week
When you are researching a new area, Mouseprice might be a good place to start.
It’s a resource that was recommended to us by listener Martin Woodage, which prompted us to check it out after years of using other tools – and it’s really come on a long way.
There area guides, lists of reduced prices, heatmaps showing average prices, and a whole lot more. Take a look, and it might be another site to bookmark and add to your property toolbelt.
This week’s news
It was reported this week that flats have risen faster than any other type of property in the last 10 years – by 35% in total.
Prices of detached houses have been stagnant beacuse of the lack of activity in the market, and flats are now finding even more favour now first time buyers are coming back and looking for their first place to own.
We’re both fans of flats, so we’re feeling pretty smug…but not as smug as we would if we owned flats in Scotland, which have risen most of all – 57% since 2003.
Mentions this week
- For a personal story about investing from afar, check out Episode 12 of the Property Geek Podcast, where Mark Lloyd told his story about building a portfolio in the North East while he lived in Surrey
- We also talked a lot about letting agents this week, which we went into in more detail all the way back in Episode 5
- We officially became the UK’s most popular business podcast, with more 5-star reviews than any other show!
- And thank you to the listeners who left voice messages for us! If you’d like to hear your voice on the show, just use the big yellow button on the left
Tell us what you thought of the show!
Do you invest away from where you live?
If not, what’s your reason against doing so?
Let us know in the comments!
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