Shaz goes through the hidden costs of any property deal from costing the time to complete research to the legal fees and insurance needed

If you are new to property investing this is a great checklist that will mean you know exactly what costs to factor into your property purchase because the purchase cost is only a part of the overall picture and understanding the hidden costs is vital

 

KEY TAKEAWAYS

• Factor in the time costs to complete thorough research for any property deal
• Use the services of a property and building surveyor, where needed,  to make sure you know what to expect
• Work out stamp duty and land tax as these are payable on completion
• Purchasing two or more properties may qualify for multiple dwellings relief
• If the property is uninhabitable you may be able eligible to pay non-residential rates
• You will need to make sure your insurances cover everything required, make sure you have adequate cover
• Legal fees can vary but are part of the costs and payable on completion
• Always allow for covering voids in rental properties
• Use a separate account for taxes
• Properties will need repairing and maintenance so keeping a fund available to cover this is crucial
• The cost of the property is only part of the total budget you need to allow when doing a property deal

 

BEST MOMENTS

‘Researching is time well spent on property’

‘Some lenders may cover your legal fees’

‘If after purchasing you are using a management company this cost needs to be factored in’

 

VALUABLE RESOURCES

[email protected]

 

ABOUT THE HOST

Shaz Nawaz is a serial entrepreneur; he owns five thriving businesses in diverse sectors.

Shaz is committed to helping business owners build successful businesses. Having conducted over 3,000 business growth consultations he has helped his clients generate millions in additional profits. His purpose is to inspire business owners to build businesses that are hugely profitable and sustainable.

He is a huge advocate of having multiple streams of

income. He has written a number of business books and regularly contributes articles to mainstream media outlets.

You can find Shaz on:

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•   YouTube.