The team at Keywest estate agent Leicester are here to help you with an alternative way to invest your savings in Leicester property
The economic climate has been fairly bleak for a while, with the so-called credit crunch back in 2008 having huge implications right across the world. But the headlines have been more cautiously positive of late, with signs of growth and increasing optimism for the UK economy. Austerity measures have affected almost everyone, from workers to parents to pensioners. But another group who have been somewhat overlooked are savers, with record low interest rates leaving them out in the cold.
Interest rates remain low, and are likely to do so for a little while longer as the fragile economy slowly starts to regain its footing. So what to do if you’re in the position of wanting to save but not wanting to put your money in a low-interest account? One option is to invest in property. Yes, the housing market fluctuates, but if you’re in a position to buy a property outright (or put down a good deposit, at least) then the chances are favourable that you will end up with a good lump sum when you decide to sell up.
Whether you invest in a second home for yourself — perhaps a holiday place or bolthole — buy a place for your kids or decide to rent out and become a landlord, building up your property portfolio is a great way to give yourself an income later on in life.
If you choose to become a landlord, then there are certain criteria you and your property will need to meet, and these can vary according to your target renting market, such as students. So you will need to make sure the property is compliant with all the laws. You will be responsible for keeping it in a good state of repair, and you can decide whether to include bills in your rent or whether to ask your tenants to organise their own utilities.
A lettings agency can help you find the right tenants by carrying out specific referencing and background checks. They can also help you to get the right insurances in place, so you’re fully covered for everything which falls within your liability. You can also ask for property management services, so essentially you won’t need to do anything except reap the rewards of the rental payments. A property management company can organise repairs, arrange any necessary payment collections, carry out spot checks and help you find new tenants so your property isn’t vacant for lengthy periods of time.
Investing in property can be exciting, and being a landlord is a fulfilling role. Food for thought, perhaps, when you are trying to decide how to invest your money.
For more information on investing in property and all the related property management services that Keywest can provide, call us today on 0116 254 4555.
