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DISCOVER THE TACTICS THAT MAKE BUY-TO-LET STILL WORTH IT IN 2023
“Is buy-to-let still worth it?” Hardly a day goes by when someone doesn’t ask us that question.
For a lot of people, the answer is no. Changing lettings law and tax rules have caused many landlords to drop out and sell up, particularly if rent is their main or only source of income.
But here's the thing: many private landlords are still actively expanding their portfolios, and
large corporations are starting to invest heavily in rental homes. So why is that?
Well, they're embracing change, and forward-thinking investors are building strong and profitable strategies around the new factors affecting buy-to-let, including:
- Tighter financing and lending rules.
- The rise of energy-conscious tenants.
- New opportunities with the Renters (Reform) Bill.
- A switch from short-term yields to building long-term wealth.
- Competition from corporate landlords.
Another huge change in the lettings world is that almost half of landlords are now aged 40 or under. So let's look at how a new generation is planning a bright future with buy-to-let.
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HOW TO FIX CONFLICTS AND DISPUTES WITHOUT LOSING YOUR HEAD
What's your biggest fear about being a landlord? For many, it's the prospect of getting locked in a lengthy dispute with their tenants while trying to keep their cool.
It’s rare for any landlord or tenant to set out looking for conflict, but sometimes the unexpected causes disagreements and discord. And when a problem strikes, having the tools to deal with it quickly and effectively can truly preserve your sanity.
From proactive measures to reactive steps, it’s worth getting a handle on things like:
- Setting your property and tenancies up to be problem-free.
- Disputes over damages and security deposits.
- Handling neighbour and nuisance issues.
- Getting late and unpaid rent back on track.
- Serving notice and evictions.
The good news is that, with the right info to hand, tackling issues is less stressful than you might think. So, let's look at how you can fix conflicts and disputes without losing your head.
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HOW TO CREATE THE BUY-TO-LET NICHE THAT’S PERFECT FOR YOU
Buy-to-let is undergoing a massive transformation right now. Poor-quality homes are getting squeezed out by tightening legislation, and short-term profiteering has fallen away through changing tax laws. As a result, many landlords have sold up.
But if you're in it for the long term, buy-to-let can still be a highly profitable route to financial security, particularly if you can serve an overlooked segment of the local rental market.
Finding a speciality has many sides to it, including:
- Identifying gaps in the market
- Looking beyond appearances
- Playing to your strengths
- Becoming a popular figure
- Targeting the very best tenants
There’s plenty to unpack, and we’ve broken it down here into snackable chunks of inspiration and expertise to give you a head start on creating the perfect niche.
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HOW TO PREPARE YOUR PROPERTY AND GET THE LEGALS RIGHT
Demand for rental homes rose by around 25% in 2022, and competition among tenants is hotter than ever as potential buyers wait and see what house prices will do.
As rents continue to rise from a shortage of property, more and more young professional adults are looking to share a rental home in Liverpool to save on costs without living in a tiny space.
Renting your property to sharers can increase your yield by having an income-earning tenant in every bedroom, but there are a few things to get a handle on first, including:
- Setting up the tenancy agreement correctly
- Understanding when a shared home becomes an HMO (House in Multiple Occupation)
- Having the right specification and accommodation
- Managing a property with multiple tenants
- Replacing a sharer if one moves out
With that in mind, this week's blog has all you need to know about renting to sharers, so you can get everything right the first time around.
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PLAN THE PERFECT EXIT WITHOUT LOSING YOUR TENANT OR INCOME
Although rents are going through the roof, yields are getting higher, and there’s massive demand from tenants, many landlords are selling their rental homes. For some, it’s part of their long-term plan, but for others, it’s a reaction against changing rules and taxes.
Even so, not every landlord who’s selling up is getting out. Some are using the climate of stalling house prices, rocketing rents and levelling-up proposals to reset their buy-to-let business for the future.
But what about you?
Are you hanging up your landlord hat for good? Swapping an older home for an energy-efficient modern one? Or converting to a company for tax advantages and easier inheritance planning?
Whatever your reasons, there’s plenty to think about before taking the plunge:
- Is selling the best move for you?
- How much is your property worth?
- What are the costs and tax implications of selling?
- When should you tell your tenant?
- Should you sell to another landlord, or will a homeowner pay more?
That’s a lot to unpack, and our handy guide is full of answers. So let’s explore whether selling your rental home would be a costly mistake, or the best thing you can do.
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.
