First-Time Buyers – ‘All That Glitters Is Not Gold’

First-Time Buyers

First-Time Buyers : Home buyers need to be prudent and ‘throw caution to the wind’ in their quest to obtain a foot on the property ladder, using Property Investment Clubs (PIC). With The UK property market slowing, the opportunity to go abroad seeking a home, where the grass appears greener, is very tempting. With unlimited choice worldwide, Property Investment Clubs in recent months have attracted a lot of attention from purchasers.

 

First-Time Buyers :Inside Track, the largest operator in the sector, is calling on the Financial Services Authority (FSA), to regulate schemes. It believes regulation will be in the sector’s best interest as well as that of consumers.

 

However investors need to be cautious with some PIC promising to make their members ‘millionaires’ practically overnight, claiming that this can be done without investing much or any money. For this proposition and for their services, such as attending seminars, clients pay huge fees.

 

The Department of Trade and Industry have applied to the courts to have a number of these clubs shut down. In practice their schemes are about property speculation and not buy-to-let. Investors should be very wary of the claims these clubs make and to be particularly cautious, about the real value of the discounts that these people claim they can negotiate on property. Buy-to-let is a long term investment that works best for committed investors and landlords who research their market and develop business plans to grow their portfolio- it’s not a get rich quick scheme and never will be.

 

In a statement, the Royal Institution of Chartered Surveyors said “when a property investment scheme or training course is offering easy access to vast riches, investors should immediately look for the catch. Only by checking that the service is being provided by reputable, properly regulated professionals can customers ensure they are getting value for money and have a route to redress if something goes wrong.

 

If you are determined to make your millions or provide for your pension via bricks and mortar, then make sure you get the foundations right. You need to do your homework, making sure you understand how PIC work, and how they differ from buy-to-let options.

 

Editor: Simon Weston-www.myfirsthomeltd.co.uk

 

Blog: www.myfirsthomeblog.com

 

Email: simon.weston@myfirsthomeltd.com


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