When it comes to property we can never be too mindful and our member Adrian Power-Kelly shares some of his top tips here.
- When it comes to property know your limitations. Property matters require expertise in construction, law, financial calculations and market trends. Property is not a small DIY job it’s one of the biggest investments you will ever undertake – instruct a professional!
- Check your property occupation costs. Have you benchmarked your rent obligations against the market?
- Have you benchmarked your service charge costs? Are you or your managing agent regularly checking these costs and service contracts?
- Efficient use of floor space can release un-needed areas for letting or cost savings. Does this apply to you?
- Tenants – regularly update your records. Know when the next rent review, break option or lease expiry is due and what the implications are.
- Have you considered re-negotiating your rent or payment methods? Despite the common perception Landlords do negotiate deals!
- Property owners – ensure you actively manage your investment. Don’t let rent, rates or service charge arrears build up. Early action can save you money and avoid legal proceedings.
- When was the last time you checked your lease contract? Know all your obligations and your rights, you might find something useful!
- Regularly inspect your property. Ongoing maintenance now avoids expensive dilapidations later.
- Pro-active asset management maximises your property’s value – have you the right tenant or the right mix of tenants? Pro-active management can increase income, increase capital value and reduce risk.
If you’d like to learn more about Adrian’s business, you can discover more about Power Kelly Property Consultants here on our website or at www.powerkelly.com
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