We've been lucky enough to speak to Katie Conroy from Advicemine.com about property investment in The UK. Katie kindly put together useful information for our investors which can be seen below.
Things You Should Know as a Property Investor
As an investment property owner in the United Kingdom, you need to be aware of certain repairs and modifications that may need to be made. You should also be prepared to handle the property management process on your own or with the help of a professional. Additionally, it is essential to market your investment property in a way that will appeal to potential renters. By following these tips from ODOS Properties & Partners, you can ensure that your investment property is successful.
Common Property Repairs Landlords Should Know About
As a landlord, you are responsible for maintaining your rental property. You will need to be familiar with common repair and maintenance issues. Common repairs that landlords face include leaks, drafts, and pests. Leaks can be caused by various problems, such as faulty plumbing or broken roof tiles, while gaps around doors and windows typically cause drafts. If you suspect a leak or draft in your rental property, it is crucial to have it repaired as soon as possible. Pests can range from annoying insects such as termites to damaging rodents. Removing pests in your rental property as soon as possible is vital, as they could cause thousands of pounds of damage.
Modifications That Appeal to Renters
Many landlords are now starting to offer a wide range of modifications and amenities to appeal to renters. Some popular modifications include in-unit washers and dryers, hardwood floors, and updated appliances. You could also consider offering concierge services, dog walking services, and valet parking. By providing these types of modifications and amenities, you can attract a broader range of tenants and keep your property rented longer.
Property Manager vs. Managing Alone
A property manager can save you time and hassle. They will handle all the day-to-day tasks, from finding tenants to handling repairs. A good property manager will have extensive knowledge of the law and will fight for your interests in the event of a dispute. However, hiring a property manager can be costly, as most property managers charge a percentage of the rent. Secondly, you may not always see eye to eye with them, and they may not always have your best interests at heart. Whether to hire a property manager or go it alone comes down to what you feel comfortable with and what you think will work best for your situation.
Protecting yourself and your assets from litigation is essential when running a property business. You can set up a limited liability company to accomplish this. A formation service rather than a lawyer may be much more cost-effective for forming an LLC.
Marketing Your Property
There are several ways to market your property to attract renters. They include:
• High street letting agents
• Online letting agents
• Social media platforms
Another idea is to create a PDF to showcase your property and email your material to potential renters. You can edit documents and drawings using an online PDF editor instead of printing them. You then upload the file online to make changes, download, and share.
Knowledge and Preparation
There are many things to c