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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.
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EVERYTHING YOU NEED TO KNOW TO CUT THE BEST DEAL
When opportunity knocks, it’s not always clear whether to say yes or no, particularly when it’s unexpected or means changing your plans.
Selling to your tenant could be one of those times, and even if you’re planning to be a landlord for life, it doesn’t mean you’ll never change your management style or the properties you own.
But is selling to your tenant the best decision for you, and how do you know you've made a great deal? There’s plenty to consider before shaking hands, including:
- How much will selling actually cost you?
- Setting a clear timescale and terms.
- Ensuring you sell for the best possible price.
- Getting the sale over the line.
- Ending the tenancy correctly.
You'll find tips and tricks for all of that in our blog this week so you can decide whether selling to your tenant is the right choice for you - not just for now, but for your long-term financial freedom.
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WHICH COUNTS AS WHICH, AND WHAT CAN YOU CLAIM BACK?
Just like a friend you haven’t seen for a long time, your rental property will look older when you get it back at the end of a tenancy, and the difference can be jarring if you haven't visited for a while.
Regardless of whether they're owned or rented, all homes age, but when you see yours all the time, it's easy to miss and live with the gradual wear and tear that’s part of daily life.
While most tenants return their property in an excellent state, some are less considerate, and accidents also happen, so it's a smart move to arm yourself with answers to questions like:
- What counts as damage?
- What is considered fair wear & tear?
- How can you minimise the risk of damage?
- What do you need for a valid claim?
- How does the claims process work?
It’s all covered in this week’s blog so you can boost your knowledge, protect your property and make a successful claim in the event of a dispute.
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.
