Facebook
Twitter
YouTube

Useful New Year’s resolutions for landlords

Thursday 3rd January 2013

As we welcome in 2013 the editorial team at Choices Today reveal some useful New Year’s resolutions for landlords

Despite the weak UK economy, the residential property sector is still shining bright, providing many investors with attractive rental returns. But managing a rental portfolio can be strenuous. The list of things that need doing is often endless. However, we have come up with a few things that a landlord should consider in order to stay ahead of the game in 2013.

+ Reduce costs

The UK government believe that the key to economic success is to reduce spending and a landlord should do the same; shop about when buying furniture, renewing landlords insurance and taking out a new mortgage or remortgage.

+ Get organised

Most landlords want a hands-free investment. Unfortunately, managing a property portfolio can sometimes prove extremely time-consuming, especially if a landlord also has a full-time job, busy social and family life. It is important to stay on top of rent, ensure that inventories are undertaken pre and post-lets, positive references are received and that tenant agreements are always signed and witnessed. Landlords should always visit/inspect their properties every quarter.

+ Tax return

Landlords should now be thinking about completing their tax return as the deadline of 31 January is fast approaching. Late submission of tax return will result in an automatic £100 fine. Check Income Tax rates and allowances by clicking here. To calculate your tax return click here.

+ Rapid repairs

Try to avoid delaying repairs and not responding to maintenance issues quickly enough, as this will almost certainly lead to an unhappy tenant. All maintenance issues, no matter how big or small, are important. Ignoring a job can sometimes lead to long-term damage to your property.

+ Long-term view

Have you got an investment strategy? When are you planning to sell your property? Because property prices generally move in upward cycles of boom, bust and stability, it is advisable to take a long term view on your property investments.

+ Buying opportunities

Because housing supply is restricted, particularly in primary areas like London, some investors tend to rush in to a deal when looking to add to their portfolio. But investors should ultimately be patient when looking for the right opportunities, ensuring that they do not overpay for a property.

+ Be pro-active

If a tenant is late paying rent or stops paying altogether, do not ignore the situation. Take all appropriate action ASAP. Likewise, if a landlord runs into financial difficulty and fear that they may fall behind with mortgage payments, they should approach their mortgage lender to discuss their options.

+ Financial advice

Sound financial advice is crucial for any property investor. The wrong financial advice, and thus the wrong financial advisor, could be costing you hundreds or even thousands of pounds a year? Even if you prefer to do things yourself, the occasional check up from an advisor who charges hourly fees may provide you with some valuable tips.

              

comments powered by Disqus
Premium Articles
Sign up
Live Chat