It is the dream of everyone to be wealthy. One of the things wealthy people spend money on is lovely mansions. They want to acquire properties in cities where they usually visit so that they can easily go to their house instead of using hotels. They also create a passive source of income by getting several houses and other forms of properties that they can rent out. However, when you have multiple properties, there is also the challenge of managing the properties. This article will discuss some of the major ways you can get and manage multiple properties.
Have a plan for security in mind
One of the first things that you should consider when you want to have multiple properties is the security of the property. Hence, you should try to get properties in areas that are not prone to natural and manmade disasters. This will reduce the chances of your house getting destroyed. It will also reduce the amount of premium you will have to pay considering that insurance companies will charge you higher if they observe your house is in a high-risk area as opposed to when it is in a low-risk area.
You should also try to use the principle of not putting all your eggs in one basket. Hence, you should have properties in different parts of a state or the country. You don’t want a situation where if one house is destroyed, all the houses will automatically be destroyed because they are all on the same piece of land. You should also get security cameras to secure your properties. You can read security cameras UK stores online reviews on BritainReviews to know the type of cameras to buy and where to buy them from.
You can get caretakers that can help you take care of your property. They will be responsible for feeding you with information about developments around your properties. You might ask them to send monthly reports, and of course, inform you immediately whenever there is an emergency. With this, you will get to know the instant there is a problem and you will be able to address the problem immediately. If your properties are such that more than one person rents each of them, you can make one of the tenants the caretaker. You might give such tenant between 10 per cent to 50 per cent discount on rent as a form of compensation and to encourage them to take the caretaker role seriously.
In other cases, you might want to employ someone that will act as a security man for the property. The security man will be responsible for manning the gate of the property. Since he will also provide services to the house owners such as helping them buy things, open the gate when they want to drive out and in as well as security, you could make the tenants responsible for his payment. Hence, each tenant might have an amount they contribute for his payment monthly or it could already be fashioned into their rent. The security man can then be responsible for giving you regular reports and informing you of emergencies.
Be sure to get a sound insurance policy for all of your properties. This will help to reduce how much you worry about how unforeseen circumstances can affect your property. All you will need to do is make sure you have the right insurance policy from the right company. Some companies might be willing to give you a discount or a good rate when you are getting an insurance policy for multiple properties.