Property planning for the year ahead
To stay ahead it's often important to think ahead so, as another year is in full swing, it's time to start planning out your strategy for 2018…
- Visiting times. Renting, buying or selling, inspections play an important part in any calendar. For a landlord, regular routine inspections are a must in order to protect your property and ensure the tenant is living within the terms of the Tenancy Agreement. Pre-scheduling these at the beginning of the year can be useful. Likewise if you are searching for a property, it’s a good idea to get numerous viewings booked in for the next few weeks.
- Maintenance management. It's surprising how many landlords and homeowners only have a reactive positioning to maintenance as far as their rental property is concerned. A car, for example, costs a fraction of what a property does and will usually depreciate in value, yet we carry out annual MOTs and services in order to maintain and protect it. A property is one of the biggest investments you'll make and it's important that its welfare is approached in a similar manner. Think seasonally about what will need addressing and when.
- Financial thoughts. Make sure your finances add up in 2018… Keep a track of any mortgage payments and if you are thinking of applying for one, thoroughly research the market, know what's out there and be aware of your eligibility. As part of your financial review it's also important to monitor the levels of rental return other properties are achieving in the area in which your property is located. If you are looking to buy a home, then it is crucial to create a monthly budget and stick to it.
- Portfolio plan. Investing in property is a journey and if you're starting a portfolio (or growing one) in 2018 it's vital to start off with a defined idea of what you're looking to achieve. It's also essential to have a timeline in terms of how and when you're going to acquire the next property, plus when you're likely to release each investment too.
- Agent help. If you're thinking about placing your property in the hands of an agent or changing your current one in 2018 it's important to plan ahead. When choosing or changing an agent research is key so advance planning is vital in order to allow adequate time to carry this out. Look at online reviews, assessing the authenticity of these by the number and range of comments. Also find out if your chosen agents are members of any industry bodies, plus validate your findings. Planning ahead allows you to thoroughly research a cross-section of agents and filter down your shortlist before each is approached saving valuable time, energy and resources.
If you have any questions or are thinking of buying, selling or renting, get in touch today and one of our experts will be more than happy to help.
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