Podcast Summary
Liverpool's Shifting Status as an Investment Hotspot: While Liverpool remains a viable investment option, the hosts have shifted their focus to other areas due to market saturation and changing economic conditions. Consider diversifying your portfolio for reduced risk.
While the hosts of Ask Rob and Rob, Rob Dunn and Rob Bickerton, have discussed Liverpool as a promising investment location in the past, their focus on the city may have lessened due to changing market conditions. A listener named Jordan, who has bought two properties in Liverpool thanks to the show's advice, asked about the hosts' current perspective on the city and whether it's still a good place to invest. They explained that while Liverpool remains a viable option, they have shifted their focus to other areas due to various factors, including market saturation and changing economic conditions. Regarding diversification, Jordan asked about the pros and cons of buying a third property in Liverpool, given that he already has two. The pros include having prior knowledge of the area and established relationships with local estate agents. However, the cons include the lack of diversification, which could be a risk if something negative were to happen to Liverpool's property market or employment situation. The hosts encouraged Jordan to consider diversifying his portfolio by investing in different areas, but ultimately, the decision depends on his personal circumstances and investment goals.
Liverpool: A Promising Investment Location: Investors should consider diversifying within Liverpool due to ongoing large-scale projects and its strong potential, but exercise caution with new build projects.
Liverpool, though not included in this year's hot spot list due to caution against new build projects, remains a promising investment location. Liverpool's world-renowned status and ongoing large-scale projects like Liverpool Waters and Wirral Waters contribute significantly to its appeal. However, investors should exercise extreme caution when considering new build projects due to past issues with completion and groundbreaking. Instead, consider diversifying investments within Liverpool itself, as there are various areas and investment types to explore. Overall, Liverpool offers a strong potential for investments despite the specific warning on new builds.
Diversify in property investment by investing in different regions or types of properties: Research and invest in various regions and property types for diversification. Compare service charges with similar properties and discuss excessive increases with property manager or freeholder.
Diversification is key in property investment. This can be achieved by investing in different regions or types of properties. For instance, if you have already invested in two properties in the city center, you could consider investing in a third property in a different area like South Liverpool for diversification. Similarly, if you have invested in apartments, you could consider investing in a house for variety. However, it's essential to keep an eye on the market and consider moving on to new locations eventually. Another important matter raised by a listener named Kay was the increase in service charges for apartment owners. Kay asked for advice on how to determine if the increase is acceptable and what steps to take if it's not. In response, it's crucial to research the market and compare the service charges with similar properties in the area. If the charges seem excessive, it's recommended to discuss the issue with the property manager or the freeholder. It may also be helpful to consult with a property manager or a legal professional for further guidance. Overall, staying informed and being proactive are essential in managing property investments effectively.
Your Rights as a Leaseholder for Service Charges: Leaseholders have the right to request detailed explanations and inspect invoices for unreasonable service charge increases. If still disputed, it can be taken to a tribunal with legal assistance.
As a leaseholder, you have legal rights when it comes to receiving and questioning service charges from your freeholder or managing agent. If you believe a service charge increase is unreasonable, you have the right to request a detailed explanation of the costs, including previous year's estimates, actual costs, and percentage differences. If you don't receive this information, you can demand it and they must provide it within a certain timeframe. Additionally, you have the right to inspect all original invoices and receipts. If, after doing so, you still believe the charge is unreasonable, you can take it to a tribunal. It's recommended to have a solicitor or band together with other owners in this process. For more information and resources, including template letters, visit the Leasehold Advisory Service website.
Stay informed and engaged in the world of property with The Property Podcast and Sunday Times newspaper: Listen to The Property Podcast on Thursdays for in-depth discussions and answers to property-related queries, and read the Sunday Times newspaper on home section for further exploration and engagement with the topic.
The speakers on the podcast, which airs on Thursdays, will be answering more questions in the Sunday Times newspaper on home section. So, for those eager to learn more about properties and real estate, they can look forward to two exciting events every week. The Property Podcast provides in-depth discussions and answers to various property-related queries, while the Sunday Times offers a platform for further exploration and engagement with the topic. Therefore, staying informed and engaged in the world of property has never been easier or more accessible. So, until Thursday's podcast and Sunday's newspaper, take care and enjoy the rest of your week!
