Identifying and enlisting the help needed for successful investment
Property experts are essential for beginner investors. Without enlisting the help that you need, you’ll rapidly diminish the risk/reward profile of your investment. Instead of your property investment speeding you to stunning retirement income, it could push your plans back by years.
When you’re first starting out in property investment, it can be difficult to find the experts you need. Just because a friend had a good experience with their solicitor, doesn’t mean you will. Their solicitor may not have expertise or experience in buy-to-let, off-plan property, or hotel room investing, for example.
Here we discuss the property experts that will benefit you, the criteria you should be looking for, and how to tell that they are right for you.
Property investment experts
Partner with a company that knows their business. You’ll be best served by one that will provide you with a dedicated point of contact, and access to free property investment education. They should help you to locate the best places to invest in property UK, and be able to validate why.
Ask the companies you approach how they operate, how they communicate, and what help they give their clients:
- Will they keep you in touch with investment opportunities as they arise?
- Will they help you to define your objectives, your strategy, and your approach?
- Or are they simply interested in acting as a sales agent, pocketing commission, and then disappearing?
- Do they have connections with other experts that you’ll need to enlist?
- What research do they supply, and what do they charge?
Ask them about their previous investment clients, the help they provided, and the results they’ve achieved. Ask to see testimonials. Do they run events or site visits where you can meet other investors?
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Buy-to-let mortgage brokers
Whether investing for capital growth or income, your buy-to-let mortgage is going to impact your investment returns. Some buy-to-let mortgages may look like they could skyrocket property investment profits, but they may have hefty set-up costs or penalties on early repayment.
The buy-to-let mortgage market is highly specialised, and strict rules are governing how much lenders can advance and to whom. A good buy-to-let mortgage broker is essential. They know their market and keep updated with regulations and new products. They will be able to find the product that best suits your needs and personal circumstances.
If you want to make the best investment returns while taking advantage of investing using other people’s money, you’ll need to access the benefits of using a buy-to-let mortgage broker.
Ask the broker about their experience, their qualifications, and how long they have been involved in buy-to-let. Ask them if they will deal with you directly, or if it will be a secretary or admin assistant acting as your point of contact. You can guess which one I prefer.
Not all property investment is equal. Nor are solicitors. Buying investment property is different to buying your home. Not only are the mortgage conditions different, but if you are buying off-plan or hotel room investments, the legal issues are far more complex. A general solicitor or conveyancer simply won’t be of the calibre you need.
When you are searching for solicitors, consider what type of investment you will be making, and then hire accordingly. Ask friends and other investors for recommendations, search through the Law Society’s database for potential names, and then interrogate solicitors’ websites.
Finally, ask them about their experience and expertise. Specifically:
- What does a solicitor do when you buy off-plan property?
- How do hotel room investment contracts vary from other types of property investment?
If the solicitor can answer these questions in language that you can understand, then you can be sure he’ll be able to not only do the job required but also communicate easily with you – and this is going to be important as you build you investment property portfolio.
Don’t underestimate the value that a good accountant could add to your investment returns. They should be able to help you with deciding which costs and expenses you can deduct from your rental income. They should also give advice on the strategies that you might be able to employ to reduce the effects of the UK property tax changes.
When you send in your tax return and calculate the tax relief you can claim against your income tax liability, a good accountant will ensure that it’s spot on. Make sure that the accountant you choose works with property investors. If they do, they should be up to date with all the rules and tax laws that affect property investors.
Investment property management
If you’re anything like me, you’ll be busy enough in your life already. The last thing you want is to be encumbered with the day-to-day business of investment property management. What you need is an investment property manager able to manage your property and tenants wherever they are. You also need a company that has access to great local tradesmen and services. Interview a range of companies, and ask them about their:
- Tenant search and vetting processes
- Rent collection capabilities
- Repair and maintenance reporting and monitoring processes
- Legal and finance teams
Ask if you will have a single point of contact – very important as you grow your property portfolio and diversify into different locations.
Property experts are key to a property investor’s success. Understanding what you require those experts to do and how to assess their capability to do the job required is key to selecting the right ones. Contact one of our team today on +44 (0)207 923 6100, and we’ll be happy to discuss our services, free property education, research, investment guides, and also the tried, tested, and trusted buy-to-let mortgage brokers, solicitors, and other professionals we’re happy to recommend.
Oh, and ask us about our sales progression team – a unique service which keeps your investment purchase on track with minimum fuss and maximum attention.
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