In the current investment climate it has become more difficult than ever to find profit in stocks and shares. Even cash accounts and savings accounts carry a certain amount of risk with them as banks continue to hit the headlines for all the wrong reasons. As such, the shrewd investor is looking at alternative forms of investment in a bid to turn their assets into profits and one such opportunity is in the purchase and subsequent renting of investment property.
You can build a portfolio of property starting with a single piece of real estate. You can start with a flat or small house if funds are limited and then move up as you realise the yield that is available from this type of investment. You should ensure that you do everything possible, though, to protect your biggest asset which is, of course, your property portfolio.
Having the right insurance is a major part of any asset protection plan for a landlord. Properties can become damaged and insurance will help cover the costs of this. What’s more, you can even find insurance policies that protect you against non-payment and loss of income that arises from an insurable incident. If your property burns down you won’t be able to rent it out and it may be necessary to pay for existing tenants to move into temporary accommodation. Insurance could cover these costs.
Every day that a property sits empty is a day that you are losing income and while you should expect a minimal amount of time with no rental income from each property you own, you should also take steps to ensure that this doesn’t occur too often or you will find it very difficult to turn a profit from your investment property.
It is also important that you get reputable and reliable tenants into your property. Such tenants will be less likely to cost you money and will usually be more inclined to stay in the property. In order that you don’t have to attempt to vet all potential tenants yourself you should use a dedicated property investment manager or agent to do this on your behalf.
Contact Rent-The-House.co.uk for more information on how to maximise the potential returns on your investment property and to contact them to discuss your property portfolio.