The weather has turned, and winter is on the way, bringing with it a chilling collection of potential problems at your rental property.
In many ways, rental homes are more at risk when they’re occupied in winter because the daily lives and concerns of tenants can sometimes be at odds with the interests of landlords.
Making mistakes is a part of life: many can be laughed off, but others are more serious. And for landlords, there can be legal and financial consequences for getting things wrong.
When we’re asked to take over a rental home by someone who’s been managing it themselves, they’re often feeling a bit overloaded or disillusioned with being a landlord.
If you’re a landlord with a fixed-rate mortgage nearing the end of its initial term, you’ll only be too aware of the coming increase in your monthly repayments.
Back in October 2021 and 2018, two and five-year buy-to-let fixed rates averaged around 3%, but they’re now switching to today’s rates of more than 6% – a substantial jump!
House shares are a great way of maximising your rental income, and they cover every kind of tenant, from university students to high-earning professionals.
Inevitably, a housemate will leave at some point as their life evolves. And whether it’s moving in with a partner, relocating for work, or buying a home of their own, you’ll need to find a replacement.
For some landlords, the very mention of guarantors can ring alarm bells. But they’re written into more tenancy agreements than you might think, and needing one isn’t necessarily a sign of problems ahead.
Even well-paid professionals with a glowing landlord’s recommendation can fall short in the referencing process, so it’s wise to have an understanding of what it means to have a tenant with a guarantor.
An empty rental property doesn’t have to be a downer. In fact, having some time between tenancies gives you the chance to optimise your investment’s rental yield, sales value, and future popularity.
That said, vacant homes do have some extra risks and management that you don’t need to think about when your property has a tenant.
Imagine if your child was already financially independent by the age of 25. How proud would that make you feel?
With the UK’s massive housing shortage, rents are being pushed higher and higher. This means more private landlords are urgently needed, and buy-to-let is the ideal business to begin at a young age.
There have been lots of changes to the way landlords are taxed over the last few years, creating plenty of confusion and leaving some questioning whether buy-to-let is a worthwhile investment.
“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.
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.
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c/o 9 Mitchell Street,
Leven,
KY8 4HJ
97 Bonnygate,
Cupar
KY15 4LG
9 Mitchell Street,
Leven,
KY8 4HJ
c/o 9 Mitchell Street,
Leven,
KY8 4HJ
c/o Bitwise Group
Crescent House, Carnegie Campus
Dunfermline KY11 8GR
c/o 97 Bonnygate,
Cupar,
KY15 4LG
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