Nick walks listeners through the immediate action steps required after completing a property investment purchase. Drawing from his most recent acquisition, Nick outlines the essential contacts every investor needs to make, from securing the right type of empty property insurance to the nuances of setting up water and energy accounts. He also provides crucial advice on dealing with local authorities to avoid common pitfalls like the ‘double council tax’ trap and shares his personal strategies for managing billing addresses and smart meter transitions during a renovation.

KEY TAKEAWAYS

Ensure you have Empty Property Insurance (not Buy-to-Let) in place starting from the day of exchange, as this is when the legal liability begins.

Before calling utility companies, physically locate the water meter and take photos of serial numbers and readings to avoid delays or billing errors.

Utilising the existing supplier during a transition can be smoother if the property has smart meters, as they provide automated data without requiring immediate manual readings.

Always have utility and council bills sent to your residential address or office rather than the site; this prevents important documents from being lost or discarded by builders.

Be aware that properties empty for over 12 months may incur double council tax; it is essential to communicate clearly with local authorities about your renovation timeline.

BEST MOMENTS

"You need to specifically buy empty property insurance, not buy-to-let. If there's a burglary or an accident, you’re not covered."

"I personally try to exchange and complete on the same day, but remember, you are liable for the insurance on the day of exchange."

"One thing you should do before you ring [the water company] is check if there's a water meter. I didn't, because I never thought about it."

"Sometimes with smart meters, they 'go dumb' when someone changes energy companies, and it takes a little bit of rejigging to get them back up and running."

"It's worth making a fuss and asking [the council for a reduction]. I argued the toss and they halved the bill for me."

HOST BIO

Nick is an award winning property investor, voted Fastest Newcomer 2022 by Premier Property, and is an accredited Retrofit EPC Assessor. He sources and renovates properties for himself as well as other investors. While doing this he has developed his own systems for efficient investment, such as developing his own methods to save time when viewing properties and estimating market values and potential returns, costing out renovations.

He spends three months of the year abroad and while there continues his business with use of modern technology and his proven systems.

Location freedom has always been his "Why" for being a Property Investment and has now reached his ideal of the colder months spent in Thailand and the rest of the time in the UK, all while continuing to run his business

This Podcast has been brought to you by Disruptive Media. https://disruptivemedia.co.uk/