Mortgages for investment property are not often prioritised. The biggest expense in investment property are mortgages, yet investors often fail to prioritise this.
Heritable Bank , specialist property investment lender, illustrates that 59% of the costs of an investment property go on mortgage repayments. Yet 75% do not consider finding the most suitable mortgage a priority.
Property investors love their portfolios of bricks and mortar and they are just as interested in making money . Hence, they are surprised to see mismatches between what they have spent on their mortgages and the financial arrangements that are in place. Other than mortgage costs , they also have huge bills.
Maintenance carried out on investment property accounts for 13% of all outgoings, management and letting agency fees account for 10% of expenditure, with accountancy fees account for 8% of outgoing finances .
General bills account for the last 10% of ongoing costs. All these costs increase by more than 50% to account for more of a property investor's money than the mortgage.
A lot of property investors do not take financing their portfolio sufficiently seriously enough. A serious property investor ought to seek professional financial advice to maximise their financing arrangements .
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Investment Property Not Financed Well Tue, 06 Feb 2007
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