Nobody knows it all! Especially if you are new to property investing, it’s best to get some quality advice from sources you can trust. Even the most experienced property investors usually have a ‘dream team’ – people they can call on to help make their investments work.
Who should be on your team? We recommend:
A mortgage broker
A mortgage broker helps you get your loan. They analyse your needs and find the institutions offering the best fit. Mortgage brokers help you complete your application, they submit it for you, and work with the institutions until they issue you with the money.
Choose someone with experience with property investments. Your accountant should give advice about structuring your finances and tax.
A qualified quantity surveyor
A quantity surveyor can inspect your property and prepare a depreciation schedule for your accountant. This will help you pay less tax.
A legal expert
You need someone to do conveyance when you buy a property. They can help you structure your investments to protect your current and future assets. It is also useful to have someone on hand to help with contracts, trusts and wills, and give legal advice if anything goes wrong.
A builder or building inspector and a pest controller
It’s important to have someone who can inspect potential properties for potential building and pest faults. This will give piece of mind, and may save you a fortune.
Unless you are prepared to spend a lot of time and effort running your property, we recommend you hire a good property manager.
An insurance broker can assess your risks and find you the right insurance deal for your needs.
Where can you find your team?
Of course, Majestic and can help you through the investment process and provide you with ethical, trustworthy advice. We can even build the complete team for you, if that’s what you need.
If you want to go it alone, do your research. Start with property magazines and books, blogs, associations and conferences. Meet other investors and ask them about what they’ve done and who they’ve worked with. (Beware, though – pick and choose the advice you follow!) When you build your team:
- ask friends and family whom they would recommend
- check out the businesses carefully on the Internet
- don’t be afraid to ask for and check references.
(Image credit: etiamos / 123RF Stock Photo)