What goes through your mind before you decide to purchase a property? Investing in property sometimes seems like a minefield, which can be tricky to navigate. However, the right landlord information can go a long way in eliminating the stress that comes with owning property. Before you make the final decision to invest in property, here are a few things to bear in mind.
While you are investing in order to make returns, it is important to have a definite idea about what sort of returns you want to make and the desired time frame.
Work with a consultant to determine how much capital you have and how best to use it. At Elliot Davis Properties, our financial experts work with investors to ensure that they get the best returns for investment.
Planning ahead is one of the top signs of a savvy investor. It is important to decide right from the beginning what you are going to do with your property. Decide whether you are to hold on to it short term or long term and what is going to happen to the property eventually.
Every market has a pattern and it pays to understand the pattern of the market where you intend to shop for property. A good agent can help with getting to know about the property trends spanning several years.
The fact is that there are several bottlenecks when it comes to property investment. The best way to get around them is to hire a team of professionals who understand the system. Preferably, they should have several years’ experience so that they can efficiently guide you. These include a surveyor, mortgage broker, solicitor, tax adviser, letting or managing agent and maintenance contractors. At Elliot Davis, we have a team of skilled professionals who are professional and understand how to carry out tasks in a timely manner.
Before you buy any property investment, take every possibility into consideration. Be objective about whether you can handle the stress if something goes wrong. Sound landlord information means hedging your bets and having a realistic picture of possible outcome from the property. This includes possible mortgage rises, tax on income and gains, and expenditure voids, among others.
There are properties that have been marked down for one reason or the other and the owner is willing to take less than the market value for a quick sale. These properties are great because theyhelp you build equity, thus protecting you from unforeseen market forces. Agents of Elliot Davis properties have their ears to the ground and access to such sellers.
The home buyer survey is great, but it will not reveal if the property has any structural deficit. Although a structural survey costs more, it will save you from overwhelming expenses down the line. While you’re at it, gas and electrical safety checks are also a good idea.
There are certain things tenants look for when searching for a rental property. Over the years, we have discovered that most tenants will typically go for aproperty that has:
* Up to date kitchens and bathrooms
* Reasonable storage
* Neutral coloured walls and carpets.
Of course, what your idea tenant will need will largely depend on your target market.
Engage a Solid Letting and Property Management Agent
Resist the temptation to manage the property yourself. It might seem like a good idea because it will save money at the beginning. However, this may not be the case long term. Hiring a good agent will save you from unseen problems. For us at Elliot Davis Properties, we use Client Money Protection and are self-regulated, which makes it possible for our clients to enjoy hassle-free ownership of their investment property.
As a landlord, the responsibility for maintaining the property rests with you. As such, it is a good idea to include a maintenance budget in your investment and engage a team to regularly inspect the property and carry out necessary maintenance.
Leaving your property empty for too long can bring down the value of the property. So, it is advisable to keep it occupied as much as possible. Of course, if you bought the right property, taking location and demand into consideration, this should not be a problem. However, if for some reason, finding tenants becomes a problem, then consider reducing the rent slightly so that there is no void.
Respond quickly to your tenants so that they do not feel neglected. This makes for a better landlord-tenant relationship.
At Elliot Davis Properties, we understand the unique needs of every landlord and we do our best toprovide standard services based on the landlord information we receive. We manage everything so that you do not have to deal with the daily stress of running a property. Feel free to contact us at
020 8552 0711 for a complimentary consultation.