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COST OF LIVING CRISIS: WHAT CAN LANDLORDS DO?
We've all seen the headlines: inflation at its highest point in almost 30 years; interest rates are rising, and the energy cap is about to lift. Everyone's on tenterhooks to see what it will mean for their bank balance, and of course, landlords and tenants are going to be affected.
Nobody quite knows how things will turn out, but the forecasts are stark. It's estimated that 7 million people will fall into financial difficulty after the energy cap lifts on April 1st, rising to 14 million with a further expected price rise in October, just in time for winter.
So, what can landlords do to get ahead of the problem? The short answer is "act now". The longer answer is "actually quite a lot".
To get you started, this week's blog is chock-a-block with practical tips on how you can work together with your tenant on making things easier for them while still protecting your income, investment and costs.
Remember that you're always welcome to get in touch about life as a landlord. Call us on 0151 280 4047 or email us at This email address is being protected from spambots. You need JavaScript enabled to view it. – we're here to help.
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BEHIND THE SCENES OF A TYPICAL WORKING WEEK
To describe this job in a single phrase, it would have to be 'never a dull moment'. Aside from opening the office, making a coffee and checking new messages, no two days are ever the same.
Meeting new people and being out in the neighbourhood are two of our favourite things, but the icing on the cake is handing over the keys on moving day. It's such a moment of joy for everyone – the landlord, the tenants, us – as a whole new chapter begins.
The lettings world moves much faster than sales, but agents have far more paperwork and responsibility. With no solicitors checking contracts, it's down to us to get everything right, and all while keeping up the pace.
There's a lot more happening than showing people around homes, so join us for a glimpse behind the scenes to see how it all comes together.
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DOES YOUR BUY-TO-LET TICK THE RIGHT BOXES FOR THE RIGHT TENANTS?
There’s a book by Simon Sinek called Find Your Why, and it's all about identifying your reason for having a business: why do you do what you do?
The same question can be applied to your rental property: why would a tenant choose your buy-to-let instead of another one? Why would they pay you more rent? And why would they stay beyond their initial contract?
Asking yourself these questions helps you appreciate everything that's already great about your rental property, and to seek out areas for improvement. It's an integral part of owning a successful buy-to-let, both when it’s empty and while it’s occupied.
It's also why we carry out interim inspections – not just to identify repairs, but also to ensure our landlords' lettings portfolios keep up with the local market and ahead of government legislation.
So let's look at how you can review the rentability of your own buy-to-lets to keep them performing at their peak and pulling in the crowds.
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LEVELLING UP LETTINGS: SHOULD YOU SELL OR UPGRADE YOUR BUY-TO-LET PORTFOLIO?
What a time to be a landlord! No sooner are we passed the phasing out of mortgage interest relief than the Government announces new areas of expense.
The Levelling Up white paper released on February 4th aims to make the Private Rental Sector in England and Wales more eco-friendly. It's all part of a drive to reduce carbon emissions as part of the UK's target to be net-zero by 2050.
While everybody agrees that energy-efficient homes are a good thing, the white paper has left landlords in Liverpool and around the country with more questions than answers.
- How much will it cost to upgrade your buy-to-let?
- Will you get that money back through higher rent?
- Is funding going to be available?
- Are you better off selling up and buying a more energy-efficient property?
- Should you stop being a landlord altogether?
There's plenty to unpack in there, and our blog this week does just that, so you can make a plan that's best for you.
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RENTAL ARITHMETIC: SHOULD YOU BE A PRIVATE LANDLORD OR A LIMITED COMPANY?
Landlords in the Liverpool City Region are an essential part of the local rental market - there simply aren't enough new homes being built and demand from tenants is stronger than ever.
Ever since the Chancellor began phasing out mortgage interest relief in 2017, landlords have been wondering whether it's still possible to have a profitable buy-to-let business.
It's a concern for landlords in Liverpool as much as anywhere else. Some have chosen to exit the buy-to-let market altogether, while others have decided against expanding their portfolio.
We'd like to reverse that trend by talking about one of the biggest shifts in the property market: landlords switching from owning their buy-to-lets privately to buying them through a limited company.
It isn’t an option that's right for everyone, and if you only ever intend to own one or two rental homes, you're probably better off staying as a private landlord. But if you're a higher-rate taxpayer and you'd like to build a sizeable portfolio, there can be significant advantages to owning your rental homes through a limited company.
So this week’s blog is all about cutting through the noise to see if being a private landlord or owning your buy-to-lets through a limited company is right for you.