As an investor in commercial or residential properties, it is important that you continuously review and update your properties and investments; keeping up-to-date with current assets and plans for future investments. Below are a few key aspects of property investment that you should always keep in mind.
Examine your cash flow so that you have a clear knowledge of the incomings and outgoings related to each property. By identifying potential problems you can adopt a new strategy to make changes in favour of finance: whether this is to change the rent, renovate, or sell.
Review the buy-to-let mortgages on all of your properties and consider whether they are still competitive. Research current buy-to-let mortgages online and speak to mortgage advisors for advice.
By reviewing insurance providers and policies, you can discover whether current policies are giving you the cover you need and if you are getting the best price. Renewing an existing policy is often more expensive than taking the time to shop around.
Always ensure that your rental rates meet your needs, whilst also being fair and in-line with the present market. Consistently check the rental prices of properties in the area to give you a guide to approximate amounts to charge your tenants. A surveyor can also complete a rent review valuation to aid you in your rental price strategy.
- Property network
It can be very useful to have a list of contacts that can help you with all aspects of your properties. This can range from plumbers and electricians to financial advisors and estate agents. By keeping track of reliable people whom you can trust, it makes the process of future and current property investing that much easier.
The property market is always changing which can be daunting. Even if you have been a property investor for many years, there are always new things to learn and new questions that may arise. It is important that you have people that can give you independent advice whenever you need it.
Jason Williams, director at Mallard Estate Agents and Surveyors, explains their philosophy regarding the Buy to Let Market: “Our expert estate agents and chartered surveyors hold extensive knowledge and experience within the property market. Our aim is to aid you through planning, buying, selling, and renting both residential and commercial properties. We are always available to provide helpful advice.”
For more information visit www.mallard-properties.co.uk