Only being interested when the market is hot

A lot of people decide to become property investors when house prices are rising.

In reality, you should have been buying three or four years ago. When it is doom and gloom, that is when you should be buying.

Buying in the wrong location

Investors should look for places where there was population growth, infrastructure and employment.

You've got to invest in those locations for growth. It helps people get the next deposit and keeps cashflow robust.

Not getting advice

Property investors should have an accountant with experience in property investment, a property mentor or a financial adviser to talk to. Local property investors associations can be helpful also.

It's important to have a plan and review it regularly

Talk to a lawyer and accountant to get the right ownership structure in place.

Trusts are great for asset protection but bad for tax efficiency. If the property is making losses, you could get stuck there.

Thinking finance is just about getting a loan

Fix parts of your loans on different terms, such as some floating, some fixed for a year, two years and three years, so they would come up for renewal at staggered intervals.

It smooths out the interest expense and means you can avail yourself of opportunities when low interest rates are offered.

Olly Newland cautioned against borrowing too heavily on your own home. "You shouldn't borrow more than the rent from the property will cover."

Not doing the numbers

People don't know the difference between the gross yield of a property - a basic calculation of the rent coming in as a percentage of the purchase price - and the net yield - what they would earn after all the costs were taken into account.

Costs could easily make the difference between a purchase being a good opportunity or a long-term drain on finances. - David Whitburn, project manager at Fuzo Property

Not managing the property well

Investors should ensure they had enough money aside to cover repairs and maintenance, and keep on top of it. Many would end up not putting rents up often enough or not knowing how to deal with problem tenants.

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Here are some tips on how to get the best out of your existing kitchen without breaking the bank.

1. Ease and flow

First ask yourself if your kitchen functions well or are there some things about it that have always driven you crazy. Is the pantry too small, is the dishwasher too far from the sink or the rubbish bin, is there never enough storage or are the cupboards too high? Consider whether moving an appliance or rejigging those cupboards could significantly improve the flow of your kitchen.

2. A good clean and a lick of paint

One of the simplest ways to freshen up your kitchen is with a coat of paint. Keep it light, airy and neutral – be sure to pick a shade that works with your existing counters and cabinets. Ask for advice at your local paint shop or when in doubt, white is usually a safe bet. A professional clean is a worthwhile investment and should include ceilings and walls. Fly spots and food splatters are big detractors to an otherwise sparkling kitchen.

3. Update your hardware

Updating your cupboards with new handles can give your kitchen a more contemporary feel, but make sure they are still in keeping with the overall style of the room.

4. Declutter storage spaces

Make sure your cupboards and open shelves are clean, orderly and decluttered. Potential buyers will be looking inside your cupboards, and if they are overflowing it gives the impression that the storage space in your kitchen is inadequate.

5. Let the light in

Consider the lighting in your kitchen – you’re looking for that bright, airy feel. Good lighting will make your kitchen seem bigger, brighter and will make it more functional too. No one wants to cook or entertain in a dark, poorly lit kitchen.

6. Help buyers imagine it as their own

Your kitchen may be very personal to you and your tastes, but now is the time to make it clean, simple and neutral. Give buyers a clean canvas to work with.

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