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5 Things They Don’t Tell You About Investing In Property

January 12, 2018 Lifestyle No Comments Email Email

Investing in property is one of the most sensible things anybody with a bit of money who wants to build up more wealth can do. However, it’s a bit of a minefield when you think of all the things you have to consider, including the sort of property to buy, and what you’ll do when you don’t actually have a tenant in your property. 

Here are a few things that they might not tell you about investing in property, so you can figure out whether this venture is for you:


Don’t Get Emotional, Just Do The Math

The key to investing in property is to make sure you don’t get too emotional. You’re going to be renting this property out, not living in it yourself, so don’t look at it as ‘your property’. You need to make sure you do the right maths – that’s the most important thing here. You’ll need to take things like tax into account. You’ll also need to consider the expenses you’ll incur as the property owner, such as annual expenses, repairs, and more. The amount you expect to make will actually likely be much less in reality, but that shouldn’t put you off if this is something you want to try! Property investment is something everybody with a little spare cash should do.

You Won’t Always Have Tenants

Remember, though, you’re unlikely to always have tenants in your property. Tenants come and go, and you should be prepared for times when your property is empty. You’ll need money saved for this, as you’ll need to cover the expenses by yourself.

You Could Get ‘Bad’ Tenants

Not only might you not have tenants sometimes, you might end up with ‘bad’ tenants. You know, the kind of tenants who are nightmares to live by, don’t pay their rent, and end up causing damage to the property.

You will incur legal fees if you have to evict bad tenants, so it’s in you and your properties interests if you do a careful screening process before selecting tenants to live in your property.

You Can Get Help If You Need It

If you need help with the management of your company, there are many property investment companies out there that would be happy to help. You can be involved as you like. You might still want to take care of certain things, or you may prefer to leave it all to the pros. Whatever you decide! You’ll still have money to pay out and things to deal with, but at least you won’t be getting a call in the middle of the night to fix a broken faucet.

You Probably Won’t Make Real Money Until You Have A Portfolio of Properties

Don’t expect to make real money until you have a portfolio of properties. Just like with any other investment, this is all about playing the long game. Save the money you’re making from your first property and use it to buy another, and another. Do this until you have a decent sized portfolio under your hat. You may be able to give up work, or have a much more comfortable retirement!

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