Young people in Britain dream of buying their own homes. However, for the majority of these wannabe first time homebuyers, owning one is plain wishful thinking. Adding insult to injury for these dreamers are the research results from industry-leading market intelligence provider MINTEL. According to the company, there are millions of UK homeowners who own a second home in the UK or abroad, just the exact opposite of what the younger homebuyers are going through.



According to MINTEL, most of these property tycoons are buy to let landlords who own property in the UK that they rent out, while the rest are those who simply take pleasure in owning more than one place they can call home. The research also revealed that more homeowners are set on having another UK property that they can let out. This means that buy to let is no longer limited to professional portfolio landlords.

It is not unexpected that almost every wannabe tycoon has joined the property bandwagon in an attempt to reap their own millions. It cannot be denied that many people would lead some to think that making mint out of bricks and mortar is simple. But some property advisers claim that it is not exactly the case.

Like in any business endeavor, the first step to becoming a successful property businessman is to have the money to invest at the outset. While having £2 million will greatly help in the undertaking, many property tycoons started out with very little. What made the difference is that they were ready to take risks to realize their long-term goals and they had the ambition to become what they are today.

In recent times, too many are out to make property the source of quick money. But the truth is that to be successful entrepreneurs, wannabe tycoons need to take the long-term view on where they want to be, and not just think about the speed with which it will earn money.

Experts suggest that nascent property tycoons follow these tips:

1. Be courageous. The tycoons of property didn't get to where they are now if they didn't take big chances. Taking big risks can result to reaping big rewards.

2. Have enough money to support your venture. Having a banker and a good lawyer will help sort things out as you go along your way.

3. When investing in property, use your head. If you want to make business sense, avoid emotional investing.

4. Make sure you have taken a close look at the fundamentals. Check the location of the property, its structural soundness and the type of tenants living in the establishment.

5. Take the long-term outlook. Don't get in the market to make quick bucks. Buy to let is a long term investment and should not be viewed as something that will yield profit in 6 to 12 months.

6. Seek professional advice. Investors would do well if they had the expert guidance of property mentors.

Investors in buy to let who want to become genuinely successful would do better if they placed their focus on these important tips provided by experts in the field. In due time, these tycoon hopefuls will be able to harvest the fruits of their labor, and ultimately become the property tycoons they have always dreamed about.

Copyright (c) 2008 Parmdeep Vadesha