A new year is an excellent opportunity for landlords to look at things with fresh eyes and work out how to improve what they do.
Whether you’re an accidental landlord or a seasoned property investor, you’ll find these four tips we’re about to share valuable (we hope).
By applying these ideas, you’ll give yourself and your rental investments the best possible chance of thriving in 2022.
Review your mortgages. Buy-to-let mortgage deals change daily. So, if you haven’t had a review in the last 12 – 18 months, check out what’s on the market. It could save you thousands of pounds.
Budget sensibly. The new year gives us an excellent opportunity to take stock of costs related to rental property. Unfortunately, one of the biggest mistakes we see landlords make is failing to put aside money within their budget for maintenance and unexpected repairs.
Drop the DIY. This tip is a double whammy. First, unless you are skilled at maintenance, leave repairs and refurbishments to experienced tradespeople. It can cost you a lot more if you try to do it yourself and then have to get someone more skilled to fix things later down the line. Also, many landlords find that handing over the responsibility of managing their properties to a letting agent saves time and reduces stress.
Know the rules. More than 300 constantly changing rules and regulations affect the rental property industry. Falling foul of them is costly and stressful. Know your responsibilities as a landlord and ensure you keep on top of things. If that all sounds like too much hard work and hassle, hand over the managing of your property to a letting agent.
We’ve plenty more advice we’d be happy to share based on our experience in the local rental market, so feel free to contact us today.