Planning your portfolio
Investing in property is a journey and if you are starting a portfolio or indeed growing one it is vital to have an idea on what you plan to achieve.
It is essential to have a flexible timeline in terms of how and when you are going to acquire the next property, plus when you are likely to want to release each investment if you decide to do that too.
Preparing for an expansion in your portfolio enables you to monitor your preferred area in order for your to identify those properties that would give you the best yield and those that will offer you an attractive capital growth. If you want advice on which areas may be of interest to you, please contact us. Depending on your objectives we can advise on the best areas and type of property that you could be interested in. We can help set up some automatic alerts so you can see all properties as soon as they are brought to the market.
It makes sense to keep a track of any mortgages that you have. Something that may have been a good deal when you applied for the mortgage for example may not be so attractive once the initial discounted period has expired. We suggest that you thoroughly research the market and know what is available and be aware of your eligibility. It is important to monitor the levels of rental return other properties are achieving in the area which your property is located to ensure that your own property’s rental price is moving with market forces and is therefore fulfilling its full potential.
At Homelet we find that regular small increases which are scheduled can be less disruptive to a tenant than a large unexpected increase.
Maintenance management and regular inspection visits
Scheduling routine maintenance is necessary at certain parts of the year. Having a schedule for maintenance in advance is ideal for landlords in relation to spreading costs. Necessary maintenance is often identified through inspections and can be monitored through them too. The costs involved with any such maintenance can be offset against any rental income so should be included on a landlord’s self assessment return.
It is important to think seasonally about what will need addressing and when. Recently for instance we have had a cold spell which happens every year. Similarly with summer weather that has common maintenance concerns which can be planned in advance. Forward planning is also advantageous in that you will be able to secure the contractors of your choice plus, if your tenant is planning an extended holiday, it may be possible to coordinate maintenance to coincide with this which will allow for unlimited access and minimal disruption to the tenant.
We can help with any aspect of letting or selling. At Homesale Homelet we are a member of the National Association of Estate Agents (NAEA) and are part of the Property Ombudsman scheme and are available 24 hours a day 7 days a week on an on call mobile for your and your tenants convenience. For more information please call us on 01244 316338 or pop in to see us at 18 Grosvenor Street, Chester.