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We’d always recommend starting with a review of your property and investment portfolio to check that everything is still performing in line with your expectations. Are the accounts up to date? Are you fulfilling all legislative and regulative requirements such as gas safety checks? Are tenancies due to expire this year and have you made plans to find reliable new tenants?
By doing this at the same time as taking stock of your finances and investment objectives, you can identify potential problems and make a plan of action to help you achieve your goals.
It’s important to keep an eye on your cash flow throughout the year.
By having a clear picture of your in-comings and outgoings, you will be better able to plan for the future and identify properties that could become a millstone around your neck.
Now is the perfect time to consider whether the buy-to-let mortgages on your investment properties are still competitive. It’s worth spending some time looking at the buy-to-let mortgages currently available before reaching out to a mortgage broker for tailored advice.
This is also the ideal time of year to look through your existing insurance policies to determine whether they’re still giving you the cover that you need. Would your insurance cover non-payment of rent if a tenant falls on hard times? Or what if a tenant causes substantial damages within your property? Does it cover vacant property between tenant occupations?
It sounds obvious, but make sure you shop around each year to ensure you have cover that best suits your situation rather than just accepting the renewal quote of your current insurance provider. Although policies with greater coverage may come with higher premiums, it can be worth the investment in the long run.
When was the last time you increased the rent on your properties?
We recommend keeping an eye on the rental prices in the areas around your rental property and checking whether you’re charging the right amount for you and your tenants. To ensure this is fair and in line with the present market, contact our surveyors for a rent review valuation.
As a landlord or property investor, no matter how long you’ve been in the business, it’s helpful to have a network of reliable contacts.
Over time, you are bound to need support from mortgage advisors, financial advisors, accountants, solicitors, your bank manager, estate agents and many others.
Many landlords and property investors choose to hand over the day-to-day management of their properties to a dedicated property management team that will typically have a maintenance team to deal with matters like broken boilers, leaking pipes, gas checks and so on.
However, if you would prefer to go it alone you should concentrate on adding reliable trades people to your network including builders, plasterers, plumbers and electricians.
We would always recommend that you seek independent advice about your property investments before committing to any financial outlay. There is so much information in the public domain, online and through ‘someone who knows someone’, but you can’t always guarantee that it’s accurate. Visiting independent but fully regulated companies can ensure that you access the right information for your circumstances.
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If you own property or are thinking about purchasing for investment purposes, our management team has surveyors that specialise in maximising investment profitability and managing the day to day performance of your investment.
With a dedicated property management accounts team and over 25 surveyors delivering lease extension, valuation, development viability, sales and letting services, Kempton Carr Croft really can offer a 360 degree approach to property management and investment.
The team currently looks after more than 88 sites and a total of over 215 units ranging from stand-alone buildings to large industrial sites across London and the South of England.
Whether you need help conducting rent reviews, want property valuations, property management services or would like to buy or sell a property for investment purposes, then Kempton Carr Croft can help. View our property management service here or contact us to discuss your individual needs further.
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