From April small buy-to-let investors will be hit by gradual tax changes set to slash their profits and increase their tax bill. From April next year the Treasury will start phasing in changes which will eventually see landlords pay tax on the entire rental income they generate from their properties.
How to create a property investment business plan and why you need one Last updated: All businesses start out with a plan. But many — in fact, most — wannabe property investors start out without even the most basic of plans.
It might feel like sitting around planning is just delaying you from getting out to look at properties and start making money. Or to put it another, more painful way: So… What does a property investment business plan look like?
It certainly doesn't need to be spiral-bound pages of projections and fancy charts. In fact, the best plan would be so simple that it fits on the back of an index card — meaning that you can commit it to memory and use it to drive every decision you make.
In order to get to that simplicity though, you might need to do some seriously brain-straining thinking first.
It's not easy, but it is simple: Working out your starting point is the easiest part, because it involves information that's either known or easily knowable to you.
You'll need to be clear about: The amount of money you've got to invest The amount of savings you can allocate to property investment in future years The time you can invest each week or month The skills and knowledge you can apply to your property business Note that I said it was the easiest part, but still not easy — because it involves honesty about what you can commit, and self-knowledge to determine where your strengths lie.
Knowing how much money you've got to invest should be straightforward, but it's probably worthwhile speaking to a mortgage broker to check that you'll have borrowing options — because this will determine your total investment figure.
A broker will also be able to tell you about your options around releasing equity from your own home, if that's something you want to consider. I suggest having at least six months' expenses in the bank at all times: Where you want to get to So now you know where you're starting from, where do you want to end up?
In other words, what's your goal? And just as importantly, when do you want to have achieved that? You might be surprised by how much thought is involved in answering these questions properly.
For example, take a choice between two properties: If your goal is to create a certain monthly income within three years, the Property 1 is likely to be a better choice.
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