Property – a wise investment (Part 3)

Property – a wise investment

(Part 3)

When it comes to investing in property, having a good team backing you can make all the difference.

There’s more to investing in property than finding the money, clearly. Sometimes just having a mortgage to pay on your own home can be a source of worry, never mind that of additional properties, as well as meeting landlord responsibilities, finding tenants, chasing rent, being available to take a tenant’s calls 24/7 – the list goes on.

To ensure you stay on top of all this ‘red tape’, the best thing you can do is adopt a team approach to share the burden. Some of the extended members your network will need are:

• Letting agent – it is often wise to let someone else manage your property rather than managing it yourself. You can waste a lot of time in the little things required to let a property

• Insurance broker – you will need buildings insurance for any properties you rent out. You can also consider rent guarantee insurance. 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)

• Various tradespeople – when doing remedial or maintenance work on a property you rent out, you will require tradespeople to carry out the necessary works

• Mentors – why learn the hard way and make your own mistakes and waste money?

Learn from someone who has been there, done it and still does it. You will save a lot of heartache and money

• 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

• Property finders – they can do the legwork and find you leads/deals, but you will have to pay them a few thousand pounds.

Dentists new to the idea of investing in property with the aim of accruing additional income are often worried about the implications of making investments. So, the final message is a caveat of sorts. The truth is, of course, that investments can go up or down.

Property investment is not a ‘get rich quick scheme’ but with proven, reliable tools you have an improved chance of success. One element of that is to work with the right team; by combining time, talents and expertise, all of you can benefit from stress-free, money-making property investment.

If you want to know more about making property investment work for you, the Dental Property Club is hosting a three-day ‘Property Advanced Workshop’ on Friday 12 and Saturday 13 September, plus Saturday 18 October 2014, in Stevenage, Hertfordshire. This programme is designed to empower delegates with the cutting edge systems, skills and strategies needed for creating an invincible advantage in the professional property game.  You can find out more here: http://bit.ly/1jXKiSO

The content of this article is for information purposes only and should not be relied upon when making financial choices. It is recommended you seek the help of a financial adviser to assess your needs fully before making any decisions and/or making changes.