Ten tips landlords can’t do without · 2019-09-12 · Ten tips landlords can’t do without Some...
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1. Communication Keep all your channels of communication open. Speak to letting agents and your peers to gain local insights and make sure you’re protected as a landlord. 3. Tax efficiency Introduced in April 2017 and still being phased in, Section 24 of the income tax rules affects the way in which landlord’s taxable profits are calculated. Understand the changes and ensure you’re working in the most tax-efficient way. 4. Treat your rental like a business You can’t treat property rental as a hobby. If you want to make it pay and protect your investment you need to think like a business. Ten tips landlords can’t do without Some top 10 lists are stuffed full of woolly ideas and nice-to-haves. This one has the essentials. Every item in this list is a need-to-know. 2. Legislation Legislation is always changing so stay up to date with LegalforLandlords blogs and podcasts. For a snapshot of recent updates, check this list. • Tenants Fee Act – Jun 2019 • Section 21 and Deregulation Act – Oct 2018 • Energy Efficiency Regulations – Apr 2018 • Mortgage Interest Tax Relief Changes – Apr 2020 • Fitness for Human Habitation – Mar 2019 • Landlord Licensing Schemes – From 2011 • Client Money Protection (CMP) – April 2019 In the pipeline are potential changes around these areas: • Full electrical check • 3-year tenancies • Council Tax • Section 21 abolishment • Stamp Duty £
Transcript of Ten tips landlords can’t do without · 2019-09-12 · Ten tips landlords can’t do without Some...
1. CommunicationKeep all your channels of communication open. Speak to letting agents and your peers to gain local insights and make sure you’re protected as a landlord.
3. Tax efficiencyIntroduced in April 2017 and still being phased in, Section 24 of the income tax rules affects the way in which landlord’s taxable profits are calculated. Understand the changes and ensure you’re working in the most tax-efficient way.
4. Treat your rental like a businessYou can’t treat property rental as a hobby. If you want to make it pay and protect your investment you need to think like a business.
Ten tips landlordscan’t do without Some top 10 lists are stuffed full of woolly ideas and nice-to-haves.This one has the essentials. Every item in this list is a need-to-know.
2. LegislationLegislation is always changing so stay up to date with LegalforLandlords blogs and podcasts.
For a snapshot of recent updates, check this list.• Tenants Fee Act – Jun 2019 • Section 21 and Deregulation Act – Oct 2018 • Energy Efficiency Regulations – Apr 2018 • Mortgage Interest Tax Relief Changes – Apr 2020• Fitness for Human Habitation – Mar 2019• Landlord Licensing Schemes – From 2011 • Client Money Protection (CMP) – April 2019
In the pipeline are potential changes around these areas:• Full electrical check • 3-year tenancies• Council Tax• Section 21 abolishment• Stamp Duty
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6. Take care of thehousekeeping and the adminBe professional in everything including check-ins & check-outs and inventories. Document everything and if you want to avoid personal involvement, use a call forwarding target number.
9. Check your mortgage is suitableThere are more mortgageoptions on the marketnow than at any time since the banking crisis. Having the wrong deal could be costing you a fortune. Review the alternatives.
10. Be wary of Gumtree, family & friendsRemember the advice from points 4 and 6 – be professional. This isn’t a hobby. You’re not dabbling. You can’t trust everythingyou see on online.
5. Be serious abouttenant referencingA successful property business depends on securing good tenants. Ensure referencing is thorough. If Section 21 is scrapped, this will become an absolute must.
7. Protect your investment The right insurance policies can protect your property, furnishings, income, business and even give you cover for domestic emergencies. Property rental is not risk-free, so don’t act like it is.
8. Keep your tenant happy Maintain a good relationship with your tenants. Keep in touch with them, respond and recognise reasonable and legitimate requests because happy tenants make for happy landlords.
LegalforLandlords Ltd632-634 Birchwood BoulevardFountain Court, WarringtonCheshire, WA3 7QU
t 0344 567 4001 f 0844 567 4003e [email protected]
LegalforLandlords are authorised and regulated by the FCA. Company No: 06957943
