Tuesday, December 19, 2017

The Helping Hands Property Investors Need

Are you looking to make your way in the lucrative world of investing in, improving, building,
and developing property? There’s a lot you need to know and plenty of responsibility you
have to be ready to take. But that doesn’t mean you have to go it alone. Rather, depending
on what kind of investments you’re hoping to make, having the rights friends can be
essential. Here are a few you should consider making.

The development navigators
If you’re developing a property, whether for yourself or for a client, it’s important to know
all the legal implications that come with it. Planning permission, disputed land ownership,
operating in different markets and the difference between private and public sector
development all requires specific knowledge. It might be more than any one person
can handle, so planning consultants can be a huge benefit to the investor. They can
help you navigate the red tape, stay compliant, and free you up to focus on the
development itself.
Someone to learn from
That’s not to stay that you shouldn’t have expertise of your own. A certain degree of
self-learning and direction is essential, but if you need to understand a new market
and how to make partnerships with clients, agencies, and others within it, a more
experienced hand can be a lot of help. Find a property investment mentor that’s
willing to take you under their wing. The solicitors involved in the purchase, sale
and development of properties are a good place to start. However, you can also pay
for more focused training and mentorship from many of the experienced investors
selling their expertise online. Just make sure they have real credentials and experience
to speak for them, as there are too many self-professed “gurus” out there.
Work you can rely on
Having a contact book full of different contractors with different skills is essential.
Sometimes, you can make a nice return on investment by just waiting for the market
to shift or buying property in an area that’s about to experience a serious upgrade.
But in most cases, you need to put the work in and finding the right contractors and
developing long-term relationships with them is essential to getting reliable work done
at a lower cost.
An eye on your tenants
If you’re renting out a property, you can decide how hands-on or hands-off you want to
be. If you prefer, an agency can handle most of the essentials at an added cost. But
even if you are handling your own rental properties, it’s a good idea to avoid the worst
tenants by hiring services that provide background checks. They can find problematic
behavior experienced by other landlords, credit issues, and other warning signs that
your tenant might not be the golden child they profess to be.

It is true that if you’re willing to handle more by yourself that you can save on the costs
that hiring a professional might entail. But you can also get yourself stuck with projects
you don’t have the practical skills to handle or even undermined by regulations and
limitations you’re unaware of. It’s worth having friends when investing in property.

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