Property investment, like scuba diving, shouldn’t be undertaken alone. While many property buyers might like to think they can do it by themselves – and yes, some can – there are several experts every investor should consider enlisting.
Some may be indispensible; others should at least be given serious thought. But ask any experienced property investor and nine out of ten will tell you the same thing: a team of professional advisers will boost your chances of getting your investment right.
Expert support, however, is still often considered a luxury rather than a necessity. Many property buyers decide to forge ahead with their investment ‘strategy’ alone, seeking little or no guidance along the way.
But between finding a property, securing the right finance and then getting to grips with the broader financial and legal issues that inevitably arise, the process can prove to be extremely complex – hence the wisdom of seeking out some support.
One of the most important professionals you should consider enlisting is a mortgage broker.
· From doing the shopping around and wading through the array of mortgage products available, to finding the best loan and lender, to assisting you with completion and approval of your application, a broker is one of the best assets a property buyer can have. What’s more, their services are usually free of charge, paid for via the commission they receive from your lender.
· Another professional you might want to consider is a buyer’s agent, who can help you locate the perfect property as well as negotiate with the vendor and seal the final deal. Agent’s fees vary with the level of service you request and the final property price as well as from agent to agent.
· A conveyancer is one professional you really can’t do without on your team. They are experts on the legal aspects of buying and selling property and it is worth seeking their advice before signing any sale contract. While there are do-it-yourself conveyancing kits available online, hiring a good conveyancer will always be money well spent.
· If your purchase is a complicated one, such as a joint venture or a property with right of way issues or easements, you will need specialist legal advice so you’ll have to engage a lawyer rather than a conveyancer.
· Lastly, property buyers should consider bringing on board an accountant – especially if you’re buying your second property or planning to build a portfolio. An accountant will be able to handle your tax planning, property ownership structures, asset protection and succession planning.
Getting your team together will cost you at the outset, but in the long-term, you may look back on it as one of the best investments you have ever made.