As a new investor, you are super eager, can’t wait to get started. You have run your numbers, and the property that you have wanted is a clear pass, but wait before you plunge in
As part of your expenses within the property, you have put in a regular maintenance budget, costs for gas and electrical certificates, emergency repairs, and tax?
Buying a property is not like investing in stocks and shares; you can’t just ride out the storm. Unfortunately, when the storm hits, you, as a landlord, need to fly the plane if you are managing the property by yourself.
Now, if you use a letting agent, then they will navigate through this for you on your behalf and communicate what is happening.
Be prepared to factor this into budgets. Property was never easy, but if you plan ahead then you can be prepared when lightning strikes, and trust us, it does strike!
So don’t make the classic rookie mistake, go unprepared. Prepare for different situations and you will be ahead then most people.