1. Use a Qualified Property Investment Professional
It’s important to use a company who walks the talk to help you with the process. It’s best not to do it on your own. You may be unaware of what you don’t know in the world of successful property investment.
Do your research. There are many companies out there. Look for companies that have been around for the long term and are investors themselves. Ones with good reviews; just like our team at Dinas Estate Agents that have over 30yrs of experience.
It takes years of research and experience to understand the property market and its cycles. A qualified property professional will guide you on how and where to invest successfully for the long term through any market up’s and downs.
2. Use a Licensed Property Manager to Manage Your Property
We recommend you don’t manage your own property investment. Whilst it may be tempting to do it yourself, you could fall into the trap of not conforming to many legal tenant obligations that you may be unaware of.
By engaging a Real Estate Agent to assist you with the Management of your property you will save precious time and avoid possible pitfalls. A good property manager will streamline your investment by assisting with finding tenants, managing bonds, paying bills, obtaining quotes and engaging trades for repairs & maintenance and much more for a small fee. This can be a stressful and time-consuming job for an investor doing it themselves so is best left to the experts.
At Dinas Estate Agents we help you find a qualified and experienced Property Manager to handle your investment property needs.
3. Treat your Property Investment as a Business.
Remove the emotion from your decisions. Be objective and make purely financial decisions as you would your own business. Plan for the long term. Property investment takes time. Have some financial reserve for tough times and regularly maintain your property to a standard. Keep all receipts/financials in a separate folder/file and don’t mix personal finances with your investments.
Engage a reputable accountant that knows about depreciation and understands property investment. This is important so you don’t miss any legal cash and non-cash tax deductions that you may qualify for like depreciation etc.