What to remember when investing in property

When it comes to investing in property, the benefits of having a good team backing you can make all the difference between being a success and failing at investing in property.

Clearly there is much more to investing in property than finding the money or arranging finance. Many find that just having a mortgage to pay on your own home can be a source of worry, then factor in the financial commitments of additional properties, in addition you have project management of any building work, meeting landlord responsibilities, finding tenants, chasing rent, being available to take a tenant’s calls 24/7 – the list goes on. This is why many property investors chose to use a company like Fossey Taylor to reduce the risk and the stress of building a property portfolio. Some of the roles and responsibly that you need to be aware of should you chose to go it alone in your quest to become a property investor.

• Letting agent – Sourcing tenants, referencing tenants are just too of the tasks that can take up a lot of time and are required to let a property.

• Insurance broker – you will need the correct buildings insurance for any properties you rent out. Something to consider would be rent guarantee insurance. Be aware of the terms and conditions for any such insurance and it meets your individual requirements. A company that has specialised knowledge helps, and one that reduces their premiums for multiple properties is a must.

• Gas safety checker – it is a legal requirement for any rented property to have an annual gas safety test. (A good tip is to get the details of the company your letting agent uses and approach them directly; you will save the premium the letting agent will add to their bill)

• Project Manager, should your buy to let property  need remedial prior to letting or maintenance work on a property once a tenant has been found, you will require to source and interview building contractors and trades people to carry out the necessary works

• Surveyors – they will value the property, so you can know the true market value. Then you can make an offer with confidence because you know your numbers. It may be prudent to accompany them when they visit; then you can communicate your criteria and thus avoid any unnecessary marking down of the value of the property

• Sourcing property, this can take up far more time than the beginner investor often budgets for; you need to build relationships with numerous key persons to ensure you are buying your property at below market value.

Why not come along to one of our informative investment workshops?