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PROPERTY ADVICE BLOG - Property Investment Top Tips!
If you’re a first time buyer who wants to invest in property, you may find that your lack of experience could be a drawback. The property market has a great deal of property investment opportunities, but it’s important to know how to negotiate the system in order to exploit property and gain the biggest profit. Our free PROPERTY ADVICE BLOG 'property investment – top tips' below are designed to give you straight forward property advice to help you avoid the pitfalls and reap the benefits. Become a Property Investor
So, if you’re a first time buyer who wants to take advantage of property investments, read through our ten top tips and learn from the following property advice:
Discover the area’s market value - If you’re interested in buying property within a given area you should compare rent and land prices to determine a property’s value. By looking at the selling price of similar properties nearby, you can quickly judge a property’s price whilst getting a feel for the market. Remember that the asking price is generally not the selling price, so it’s more helpful to find out how much the property actually sold for. To find information on the selling price of property throughout the UK click on the sites below:
http://www.landregisteronline.gov.uk/lro/index.html
Focus on one section of the property market at a time - For first time property investors it’s important not to spread yourself too thinly or invest too much too quickly. Instead you should consider concentrating on one part of the property market at a time in order to give yourself the best chance of success. In the world of property investments there are many strands of the market to choose from such as residential buildings, repossessed houses and commercial property. Start with the market you’re most familiar with and once you’re making money invest in different sections later on. Become a Property Investor
Take reliable property advice on tax - In terms of property investments, potential investors need to be aware of the ever changing nature of tax codes. Ask your financial adviser to keep you updated on any tax alterations and try to read as much information on the subject as possible. However, if you follow our property investment – top tips you should be investing in a sound property which will produce a profit regardless of the latest tax changes. In other words, if you invest wisely the tax code shouldn’t eat away too much of your profit.
Keep on top of your finances - It always pays to be organised when it comes to property investments. If you’re able to keep an eye on cash flow statements, ongoing expenses, loan payments and taxes, you can help yourself avoid overspending or missing payments. Before making a property investment, take financial property advice from an expert so that you know all the extra costs involved. Depending on your financial situation there are a number of avenues open to you for both secured or unsecured finance. Click on the links below for further help and expert financial assistance:
Another useful contact on all matters financial is checkmyfile.com. Checkmyfile.com is the UK’s market leader in the provision of credit files and personal information to consumers. It offers the most comprehensive online access to information held about any individual. In addition to credit files it provides, amongst other things, credit scores, neighbourhood demographics, a Debt Advice Centre and Identity Theft advice.
checkmyfile.com is the only place that consumers can access all three of their credit reference agency files in the same place, and the same easy-to-understand format. Its independence and customer care strengths will help to convert as many referrals to commission earning sales as possible. Click Checkmyfile for more information.
Get specialised property advice on tax - Educate yourself on tax laws before you make an investment. Taxes are an integral part of property investments and can make all the difference when it comes to your cash flow. If you don’t want to see a negative cash flow, then seek out tax advice before you invest and get property investment- top tips from a professional. In this way you can avoid paying excess tax and save more money in the long run.
Take out adequate insurance - Again, the key to success here is to be aware of all the insurance issues connected to your property. For example, if you have a freehold property then buildings insurance is essential, while if you have a leasehold property then the insurance is the freeholder’s responsibility. What’s more, if you’re a landlord you’ll need to think about all aspects of contents insurance and issues of health and safety. Be smart, plan ahead and take property advice on all related insurance policies so that you don’t have to pay out huge sums for any problems in the future.
Talk to an Accountant - If you have an accountant with experience in property investments and related taxes you could find this is a real bonus when it comes to making money on the property ladder. Check a potential accountant’s credentials and test them on their property tax knowledge to discover if they’re worth investing in.
Discover potential utility expenses - For property investors with a buy-to let mortgage in mind, it’s wise to confirm council tax fees and other bills before looking for tenants. These fees will normally be paid for by your tenants and should be included in your tenancy agreement so that all extra finances are understood before a contract is signed. In addition, don’t forget to inform the council about new tenants whenever the property changes hands so that you’re paying the correct amount and not being charged more than necessary.
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Know your tenants - Landlords would be advised to take references and deposits from tenants in the initial stages to safeguard property and allow for early departures. A letting agent will often do this job for you, however if you’re responsible for deposits yourself, you can place them in the Deposit Protection Service, which is designed to fully protect the money until required. For access to this official government scheme click below:
Inspect your property and write up a detailed inventory - Before you buy a property, inspect the building thoroughly and make notes on any problem areas. In addition ask tenants to sign a detailed inventory on the day in which they move in and out. By taking time to inspect and keep track of furnishings you will be covered by the tenant’s deposit if items go missing or the building is damaged. However, if you don’t have a signed inventory and there is damage, the arbitrator from the deposit scheme may side with your tenant and you will not be entitled to any money from the tenant’s deposit.
This list of property investment- top tips is designed to help you make the best decisions before investing in property for the first time. For more detailed information speak to a financial advisor regulated by the Financial Services Authority (FSA), or an experienced property tax accountant for unbiased advice on how to make the most from property investments.
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