Life as we know it has changed dramatically since we heard the first rumblings of CV19 back in late 2019.
Declared a pandemic in early March by the World Health Organisation, an even more direct impact on our day to day lives was soon to occur when a nationwide “lockdown” was introduced by the UK government on Monday 23rd March.
Since then many of us have had to make notable adjustments and find new ways of working from home. Others have been “furloughed” by way of the newly introduced government scheme which will continue paying employees 80% of their salary (at least for the next couple of months) in an economic moved designed to avoid the need for mass redundancies.
Whatever your own individual circumstances we hope you and your families are safe and well first and foremost and our thoughts are with those who have been directly affected. The guidance of course is now to stay home until instructed otherwise as we all play our part in combatting the virus.
Looking for the silver lining, what the outbreak has undoubtedly created for many of us is an element of extra available time in our daily lives. We’ve therefore decided to take a property investors’ view on this and suggest how you can best put that time to use ahead of re-igniting your investment plans whenever the situation allows.
1. Educate Yourself
We provide a number of free educational resources for investors on our website including our Ultimate Guide to Property Investment, Investment Calculators, Tutorial Videos, Investor Checklist and Buy to Let Guide.
There’s also a variety of free information readily available on platforms such as YouTube though we’d always advise taking the time to properly research the content provider. A couple of recommendations to get you started are ex-Dragon’s Den star Shaf Rasul and Rob & Rob from The Property Hub.
If you’re unsure of any of the advice that’s out there or those who are providing it then let us know and we’ll be happy to point you in the right direction.
2. Build Your Investment Team
When investing in property it’s important to make use of the services of a number of industry professionals and we discuss this in more detail in this article.
As well as a property investment partner such as ourselves you may also want to engage with an accountant, a mortgage broker, a solicitor and a letting agent and now’s an ideal time to be having those conversations.
We have excellent partnerships in all these key areas so just let us know if an introduction would be helpful.
3. Run the Numbers
We stress this frequently but ahead of any type of investment it’s vitally important to run the numbers. Take the time to get a firm grasp on the full costs involved, as well as the returns that are possible before taking the next steps with your property investment.
We cover this topic in more detail in this blog article and also have some helpful spreadsheets that can assist you when carrying out your financial projections.
Whilst it’s not possible to make actual purchases right now there’s no reason why you can’t be carrying out your calculations ahead of the market re-opening to ensure you’re then in a position to invest.
You might find a mortgage broker and accountant helpful at this stage and we can also provide any investment figures that you’re perhaps unsure of.
4. Bonus Item – A Podcast Recommendation
There’s no doubt that we find ourselves in new territory at this moment in time and for some it may be a particularly stressful or anxious time.
If you’re feeling this way (or even if you’re not) we’d strongly recommending listening to a very special episode of the How To Fail Podcast featuring inspirational former Google X Chief Business Officer, Mo Gawdat.
This episode was recorded just as we were going into lockdown and is a great investment of your time. It’s well worth putting the time aside for this, and we can guarantee you’ll feel better for having listened to it.
We hope you find the suggestions useful and that you’re able to make good use of the time that’s available to you in a productive way.
A reminder too that we remain available to investors or anyone who wants to discuss property investment with a complimentary 15 minute Discovery Call where we can provide guidance and advice on your plans. This can be scheduled for a time of your choosing by clicking the button below.
Finally please stay home, stay safe and we’ll look forward to speaking with you soon.