Being a landlord has a lot of advantages. It is a great way to make the most of your property and help cover the mortgage or enjoy a steady monthly income. However, if you make the leap into being a landlord, it is important to fully understand the relevant laws. There are many important aspects of the law that you should know before you start renting out your property to tenants.
Here are a few important things that you should know about before you become a landlord:
A shortage of land in England & Wales, is preventing social landlords from building new homes, according to a new survey.
The survey, by Houses for Homes, found that 55% of housing association executives asked believe a lack of available land is hampering new projects.
40% also said that planning restrictions were also slowing down new developments.
As a landlord it is your responsibility to make sure that your property is ready for the winter months. If you are renting out a property, it needs to be well maintained and suitable for your tenants to live in, no matter how cold the winter weather gets. This means performing pre-winter maintenance and having the appropriate landlord insurance so that you are fully covered.
So how can you make sure that your property is ready for the winter? Here are some tips to keep in mind:
An extra million households will be forced into rental accommodation over the next five years as rising home prices out lock potential buyers out of the property market, new research has warned.
Property consultant Savills said 200,000 more households a year in the private rented sector would also push up the cost of tenancies by 21%, hitting the ability of families to save up for a deposit.
The largest group of private tenants is aged between 25 and 34, but the fastest-growing group are between 35 and 44, a quarter of them having young families. They are becoming known as “Generation Rent”, with many never expected to own their own homes.
House prices this month are still up 4% on November last year, despite a small seasonal dip from October.
According to Rightmove’s latest house price index, London prices are up by 6.9% in the same period. In the year to September, average weekly earnings only rose by 0.8%.
Investing in property and renting it out to tenants can be a great way to pay off your mortgage and make a steady rental income. Being a landlord can have a lot of benefits, as long as you do it correctly. Before being a landlord, there are a lot of important things that you should know.
It is important to treat renting out your property as a profession, rather than just a hobby. There are many details to take care of and you will need to be aware of the legal aspects of the arrangement. Here are some tips to keep in mind when you are renting out your property:
Consider Wisely What to Add to Your Property
You might be tempted to over-furnish your property and to try and renovate it entirely. However, it is important to consider whether the investment will increase your rent enough to be worth the amount of money you spent. Remember that tenants won’t be just choosing your property on whether it has all of the latest gadgets, they will choose it based on its proximity to their work, the transit options, the neighbourhood etc.
Landlords in private rental sector are not worried about the affect the Government’s Help to Buy scheme will have on the industry according to latest research.
The new figures from the NLA show that just 21% of landlords say they’re worried about the impact of Help to Buy on the private rental sector.
However, 15% of those asked did concede that it may have detrimental effect on the sector. Read more…