The Rant - Just pay your property partners already!

We consider ourselves cautious optimists as investors and producers of this mag. So for balance, instead of finishing on a positive note as so many magazines do, we like to get things off our chest. Wes De Leur (BTL Property Group Founder) –you’re up, just let it all out…

Ihear it all the time from people new to property who do not take into account or understand all of the associated costs. They really want to get into property but do not understand the full extent of the costs of the shiny new strategy they want to pursue with fervour.

I get it, you need to keep costs under control when you start out (and we love newbies in the BTL Property Group) but you also have to be realistic. Being too cost-conscious leads to the common questions of who is the cheapest broker/solicitor/insurance provider?

However, if you are a newbie and you are squabbling over a couple of hundred pounds then I strongly suggest that you consider if property is, in fact, the right investment for you.

Yes, I am all for saving money however if you are dodging, ducking and diving on professional fees when works costs could over run by £1000s – you are pointing your money-saving microscope in the wrong direction!

If you are a newbie and do not yet have a reliable network, I would certainly recommend having a healthy cash reserve for those unforeseen issues which may arise.

Most deals don’t fall apart due to professional fees. Most fall apart due to unforeseen spend on the build/renovations.

Make sure you have considered the bulk of the major cost items and ensure you have a good, trustworthy, reliable builder who you can lean on should you need to cover the knowledge/skill gap.

Remember, you can never get everything right, however, make sure you have the resources available should you trip yourself up, or better still, have a good team in place (who you may have to pay slightly more) who will be happy to point out the trip ropes as you go.

Happy investing all!!