Showing posts with label Property management. Show all posts
Showing posts with label Property management. Show all posts

Wednesday, April 12, 2017

4 Ways To Make Property Management The Best Financial Decision

If you own property that you don't live in, don't live in year round or are responsible for a homeowners or condo association, hiring a property management company to oversee your property is often the best financial decision. 

By letting your property management company do the things listed below, you can ensure hiring property management is the best financial decision.

1. Let Them Manage Your Finances

Property management companies will manage the finances of the property in addition to ensuring regular maintenance and upkeep. 

They will find the best deals with the best contractors that they frequently work with and effectively manage a property's finances so you'll have a realistic picture of your property's finances at all times. 

This can help you make the best financial decisions as well as ensure you always have some money stashed away for when you need it.

2. Let Them Handle Legal Matters

Property management firms have contacts in the legal field who deal with property law. If you have tenants, they will adhere to relevant tenant law so you can steer clear of potential problems that could end you up in a lawsuit and out a lot of money. 

The same is true for homeowners associations. Making sure your property stays legally compliant is often enough financial reason to hire property management.

3. Let Them Manage Big Projects

Professional property managers are going to help you collect bids from various construction companies when you need to make a major change like a remodel or put on a new roof. 

They coordinate with the construction company, manage necessary equipment logistics like cranes or even hire a construction supervisor to oversee the project so it is completed successfully, on time and in a quality manner. 

They also can help with smaller projects as well, such working with plumbing companies like the professionals at Brad's Plumbing. This will save you a lot of time and could prevent costly mistakes, generally making it a good financial decision.

4. Let Them Handle Insurance

Your property manager will get bids from various insurance companies and work with insurance agents to get you not only the cheapest policy but also one that gives the right amount of coverage to your property. 

This can save you a lot of money, as not only will you save on your premiums by not having more coverage than you need, but your property will also be covered in the right areas if anything catastrophic ever happens. 

They will also make sure any contractor doing work on your property carries proper insurance so an injury lawsuit is less likely to happen.

Property management is usually the best financial decision for all of the reasons listed above. It often saves you money, gets projects done right the first time and leaves you with peace of mind.

Friday, January 31, 2014

Investing in Property for Your Retirement

With the cost of living increasing, and investments having suffered extensively in the economic downturn, retirement can seem a daunting prospect. Wanting to get out of full time employment can mean having to turn to part time jobs in low paying positions, just to maintain a standard of living. Fortunately, by using your assets wisely, and investing in the property sector, you can retire and still make an income while keeping your own hours.

Release the Equity in Your Home – When children have flown the nest, the need for large houses with lots of rooms diminishes considerably. Downsizing is often confused with ‘settling for less’ in order to make ends meet, but in reality downsizing gains you far more than you lose. Take the time to find a property you really love in an area that makes you comfortable and happy. A smaller space with fewer rooms means less cleaning, less upkeep, and lower bills. Downsizing can really save money but more importantly, downsizing to a smaller property means you can free up the equity in your home. Start the process well before your intended retirement date and you are in the perfect position to wait out the market for a buyer who can offer you the best possible price.

Invest in a Second Property – Investing in property in a market where rentals are at a premium due to the need for large deposits that many first time buyers and young professionals do not have means you are able to capitalise on your money. Without diminishing your investment or being subject to financial attrition in the same way an annuity might, you can secure a monthly income that fluctuates over the years in line with the cost of living and inflation. Unlike pensions that pay out at a set yearly rate, losing value as years pass, a property investment stays in line with the market. The rent from a small flat is a monthly stipend that can easily match a part time wage, with a fraction of the work.

Let the Professionals Work for You – If you don’t fancy the upkeep and landlord duties involved in property management, there are plenty of places to turn for advice or simply to hand over the responsibilities in return for a small percentage of the monthly rental. Companies like Rylands Associates are experts in property management and can take care of everything for you if you decide to take a late life tour of the world, or simply choose to relax and enjoy the comforts of home.

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