Investing in property can be a lot of hard work. Compared to other investments, you need to be a lot more hands on. Fortunately there are methods and services that can help lighten the load.
Whether you’re going to be renovating or renting property, it’s always handy to have a lawyer on call that can help you through the process. Land law can be confusing – there may be national and local restrictions as to what you can and can’t do to renovate a property. If you’re looking to lease a property, a lawyer may be handy for helping you to exercise your rights, to write up a legally tight tenancy agreement and to settle any disputes you may have with tenants.
Use a mortgage broker
Shopping for a mortgage can be stressful and complicated. Different mortgages apply to landlords that may contain rules and clauses you’re not aware of if you’re renting for the first time. This is where hiring a mortgage broker can come in use. Brokers know the cheapest and most suitable mortgage companies to approach for your property. If you’re buying an office to rent that you don’t plan on selling, a mortgage broker might know a long-term commercial mortgage company tailored to you.
Don’t limit yourself through location
If you live in a city and you’re only renting places nearby, you could be spending a lot of money buying property and making a slower return. It may pay to look further afield and buy up somewhere cheap. This may allow you more of a budget for renovation and other aspects. For rented properties, you may be able to hire a property manager to look after the property for you if you don’t want to trek up and down the country. Such an approach is particularly worth taking for first-time-buyers looking to lease.
Lease through an agency
Tenancy agencies and landlord services can handle all the painful admin of renting a property. This could include marketing your property to new tenants, selecting and screening these tenants, organising viewings, collecting rent and sorting out other issues such as property damage. Many services will allow you to tailor which jobs you’d like to delegate and which ones you’d like to stay in charge of. Such agencies may require paying a regular fee, but could be worth buying into if your schedule is otherwise too busy to get involved in all the other admin work.
Get a helping hand when renovating
Some buyers of property will try to save costs on renovating by doing it all themselves. However, this can be time-consuming and risky if you don’t know what you’re doing. Know when to call in a handyman to prevent making a costly mistake. At the very least, hire a surveyor that can advise you on the best renovation methods to take.