As a property investor following current events, you will know that many property experts, economists, and other financial institutions are continually demonstrating the considerable effect of world events on your investments.
Therefore, spending more time researching and putting contingencies in place will help ensure you stay on top of your investments during these uncertain times.
Here at Modus Accountants, we want to ensure you are prepared for any possible unforeseen circumstances. So, here are some of our tips on the important things to consider when making a property investment in the current climate:
Keeping tabs on the currency market
The currency market has been extremely volatile in the last few months. So, if you are investing from overseas it is more important than ever to ensure you are aware of your currency exchange rates.
With COVID social restrictions still causing a massive issue for work teams, ensure that you allocate extra time for your refurb, to avoid additional costs for delays or task scheduling issues. Planning for this possibility will make it easier to handle if the circumstances materialise.
Investing in and letting an HMO during COVID may be more difficult as understandably people are less willing to share a residence. If you are certain you want to pursue an HMO investment, proceeding with caution and certifying that your tenants feel safe in your property is vital.
This is also the perfect time to consider perhaps experimenting with your investment strategy; if you consider suggesting a rent-to-rent deal it could guarantee you income if world changes again.
Is it the right time?
Simply put, if you invest now you could save a lot due to the current low interest rates and the UK Stamp Duty Holiday. If you plan carefully and consider all potential problems, investing now could give you an invaluable opportunity to acquire more disposable income.