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FIVE UNIVERSAL PRINCIPLES THAT EVERY LANDLORD NEEDS TO KNOW
Whatever kind of landlord you are or wherever you own a rental property, some universal principles apply to keep your investments profitable, sustainable, and enjoyable.
Private landlords are effectively small business owners, and just like high street shops and online retailers, an important part of their success is planning and management.
Fortunately, being organised and astute is completely free and this week's blog is all about mastering the key fundamentals of buy-to-let, including:
- Referencing and management
- Avoiding penalties and fines
- Choosing the right specification
- Maximising your market
- Managing your finances
We love helping landlords in Liverpool to get these things right with a portfolio that runs like a well-oiled machine, so without further ado, let's get down to it!
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HOW TO CALM CONFLICTS BETWEEN SHARERS AT YOUR RENTAL PROPERTY
More people than ever are sharing a rental home as rents keep rising and supply continually falls short of demand.
Shared homes and HMOs (Houses in Multiple Occupation) have been highly profitable for landlords, but they also come with the inevitable challenges of multiple people living at the same address.
Whether you’re already renting to sharers or just considering the idea, it makes sense to see how other landlords plan for peaceful homes and diffuse disputes, so in this week’s blog we’re going to cover:
- Setting up a harmonious house share.
- Getting your tenants to talk.
- Managing noise and guests.
- Household chores and shared spaces.
- If someone wants to leave.
What you'll discover is that almost every situation can be resolved, and often without too much action from you beyond the correct setup and a few encouraging words.
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SMART AND SMOOTH FINANCIAL MANAGEMENT FOR YOUR BUY-TO-LET
“Look after the pennies, and the pounds will look after themselves.”
It might be an old saying, but keeping a keen eye on the day-to-day finances of your rental property can pay huge dividends. But we’re not talking about being cheap.
From buying a new fridge to replacing a shower head or even choosing a letting agent, going for quality will reward you with years of reliable service.
But you can also be savvy with your money around costs, income and planning for the unexpected when you put some time and thought into:
- Removing financial shocks
- Making smart repairs and replacements
- Reviewing your regular outgoings
- Increasing your income
- Claiming every allowable expense
Being on the case with all of the above can unlock thousands in extra profits to either enjoy at your leisure or reinvest in your business, so let's dive in to see what's in it for you.
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HOW TO PICK THE RIGHT INVESTMENT PROPERTY AND MARKET FOR YOU
Rental yields have risen to their highest level since 2018, with three consecutive quarters of growth taking the UK average to 6.1%, according to a new survey of landlords by Paragon Bank.
It’s great to see national data reflecting the rental market in the Liverpool City Region, where the massive demand from tenants continually makes buy-to-let a lucrative investment choice.
If you’re wondering about becoming a landlord or looking to expand your portfolio, the keys to success lay in buying well for your target market and honing your knowledge in areas like:
- Shaping your selection process.
- Renting to singles.
- Renting to couples.
- Renting to sharers.
- Renting to families.
So, that’s what we're exploring in this week's blog, with our essential toolkit for choosing the perfect buy-to-let property, time and time again.
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WILL THEY EVER HAPPEN, AND WHAT DO THEY MEAN FOR LANDLORDS?
Cast your mind back to 2022, and you might remember a loud fanfare over levelling up the UK’s rental homes as part of the Government's target to reach net zero by 2050.
Back then, the rhetoric was that all tenancies created from the end of 2025 would need to meet higher energy-efficiency standards, with any existing tenancies given until 2028 to catch up.
Following the announcement, some landlords sold up to avoid the cost of improvements, shrivelling the already-short supply of homes. Rents rocketed, giving the investors who stayed huge uplifts in income.
Then the new proposals were scrapped, perhaps with an eye on a looming general election, but the net zero target for 2025 remained, leaving existing and would-be landlords with questions like:
- Is levelling up rental homes gone for good?
- Should you still make improvements, or wait for the law?
- Can you make upgrades while your property is tenanted?
- Will greater energy efficiency get you a higher rent?
- Is it still worth being a landlord?
So, in this week’s blog, we’re reviewing the original proposals, exploring where we're at now, and examining what's best for you and your investment.
Why sell or let with us?
Here are some of the reasons why you should choose Homelets to sell or let your property:
- Dedicated Local Experts
- 24/7 Contact
- No Commission
- No Sale No Fee
- Accompanied Viewings
- No Let No Fee
Submit a valuation opposite or call us on 0151 280 4047.
