Resolutions for landlords in 2018
A recent survey by Simple showed that one-quarter of landlords plans to expand their property portfolio in 2018. And of those, half of all landlords with 5 or more properties wished to increase their property holdings even further due to rising house prices.
With more people renting due to the costs of purchasing a house, now is a good time to expand your portfolio. We have some top tips below for both new landlords and those with an increasing portfolio.
All landlords should visit their properties regularly to ensure that they are being appropriately maintained. Not only will this quickly highlight disrespectful tenants, but it will also draw your attention to any potential issues that need repair.
It can be useful to pre-schedule inspections at the beginning of the year, to ensure that they are booked in and not forgotten. Inspections should ideally be carried out every 3 months, and written notice for tenants must be provided ahead of an inspection.
Every year we ensure that we service our cars and take them for their MOT. However, many landlords neglect their properties and do not maintain them in a good condition.
Seasonal changes bring about different potential problems with properties, and landlords should plan ahead to avoid any costly repairs. Maintaining a property regularly also makes it more appealing to tenants and may help to encourage longer tenancies, saving the cost and hassle of having to advertise your property every year.
Keep all finances in order
It’s essential to keep track of rental income, tax obligations and any mortgage payments and to ensure that the property is achieving a good rental return. Consider taking out landlord’s insurance for peace of mind and protection against costly repairs. There are many companies offering cheap landlords insurance such as https://brokersdirect.co.uk/.
Communicate with tenants
Tenants are an integral part of the rental process and deserve to be respected. Self-managing landlords can benefit from good communication with their tenants. Good communication from both parties ensures a smoother process in terms of inspections and repairs.
Asking why tenants are leaving a property is also important. This may be due to relationships or job changes, for example, but if tenants are leaving due to issues with the property then it is essential to act on this information.