5 Experts You Need When Investing In Property
It takes a village to make sure you’re doing things correctly when it comes to property investing. From legal experts to insurance brokers, there are a few key experts you’ll want in your corner whether you’re in the process of buying a place or looking to protect your portfolio. Keep reading below to learn more.
Insurance experts
Having the right insurance is critical to protect your property. Make sure you speak with insurance professionals who specialise in landlord insurance products. This should include protection from potential tenant damage to your property, loss of rental income, and insurance for the building structure. One of the biggest issues we see is not ensuing your property has accidental insurance.
Solicitors
When you’re buying property, you need a good solicitor who will help you process the transaction. You may also want to consult a solicitor when you’re putting together your tenancy agreement to ensure it’s legally sound.
A good accountant
Having an accountant who can help you maximise your deductions and keep you on track throughout the financial year can eliminate some of the financial headaches that come with having an investment property. And if the accountant is qualified to advise you on your finances or they know someone who can, it can also be worthwhile discussing your short- and long-term financial goals with them to check if you’re on track.
Professional tradespeople
It’s normal for properties to get leaky taps or need an air conditioning unit serviced. Having a handful of reliable trades you can call when something needs to be fixed will give you peace of mind that your property is being maintained to a high standard, which attracts quality tenants as a result. Using your Property Managers contacts will ensure you are using licensed and insured contractors.
Property manager
A property manager is an expert at ensuring everything runs smoothly with your property. From advertising your property for rent to organising repairs and maintenance, a good property manager will ease the burden of owning an investment property by taking care of the day-to-day administrative tasks. And because property managers often have good knowledge of the rental market and how to find great tenants, you can maximise the value you derive from your investment assets.
Property managers can also assist with the legal aspects of owning a property. Entering without notice, not dealing with Bonds correctly and not serving documents on time can attract a Penalty Infringement Notice by the RTA – which can be thousands of dollars.
Having a team of professionals around you to ensure you have the best chance of success with property investing is wise. No matter where you’re at with property investing, finding qualified people to help you do things properly is critical.
Remember, this article is general in nature and is not financial or legal advice. Please consult your professional financial and legal advisors before making any decisions for yourself.