With the evolving nature of the buy-to-let market, there is a lot to consider as a landlord with new regulations and significant changes in place.
If buy-to-let used to be an easy win, it’s now something that needs a little more guidance, and it’s never been more important for landlords to take professional advice from experienced agents.
Alex Hugh, senior manager at Love Your Postcode (city centre branch) shares his top tips for landlords.
1. When the market gets tough, the best properties hold their value. Make your property desirable and it will always let quickly and for the best rent.
2. Don’t be greedy! It is often a false economy. Landlords that are holding out for a high rent often don’t get it, and even if they do the property could be left empty for weeks or months first. For every week your property is vacant you are losing around 2% of your annual rent – so an empty month is 10% lost. Plus you will be responsible for the council tax, and you’ll have the stress of worrying while it is empty too.
3. Be mindful of the timing of your lease and break clause. If a tenant is negotiating a request to break in December, this could be a bad time to be re-renting your property. Speak to your agent, ask them about the best time and worst times – and consider this when negotiating the lease terms.
4. When choosing an agent to manage your property, ask them more than just what their fees are. Find out where their management is based, what typical cost of works are and request some examples like a plumbing call out charge or rate per hour – and enquire about any extra fees.
5. If you self-manage the property, ensure that conduct visits and inspections of the property take place at least once a year, preferably twice. This will enable you to pick up issues that have not been reported before they become bigger problems.
If you’re interesting in letting your property or are seeking further guidance as a landlord, please contact your local Love Your Postcode office.
You can also contact Alex Hugh:
Alex Hugh – Love Your Postcode
0121 525 9090
loveyourpostcode.com/lettings
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