The current global economic crisis presents trying times for all of us. It is an especially trying time for landlords, with property prices in the United Kingdom falling towards 2003 levels, thus reducing the value of your portfolio by significant percentages in a short period of time.
But these tough economic conditions also present the watchful and serious property investor with an opportunity to buy property at incredibly discounted rates.
How do you make the best of the current situation?
As a careful UK landlord, you understand the importance of accurate data when it comes to making investments.
The most important thing to consider is the current health of your property portfolio. This involves the detailed analysis of your expenses and rental income over a certain defined period, to see where you stand financially overall. Only when you have this piece of critical information can you decide whether you are in a position to make an additional investment.
It is all too easy to misread your true property portfolio balance sheet, especially if you have multiple properties, each of them acquired at different points of time.
This is where a good property management software package can really make a difference. It can maintain records of property related income and expenses from the time you buy a property, giving you a true picture of your property assets at any point of time. You can also look at your entire portfolio, or choose to view a single property’s balance sheet for any duration of time.
Armed with this information, you can make confident decisions on how you can weather the current economic storm that has the world in its grip.
