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.
Although long-term lettings to professional tenants are easily the most hands-off way of being a landlord, they’re not your only option.
So having previously covered renting to families, attracting high-income earners, and even being an eco-friendly landlord, we’re now going off-piste into other areas of the lettings market.
Giving someone the keys to your rental property is a big deal, and you want to be as sure as you can be that whoever you choose turns out to be reliable, trustworthy, and trouble-free.
For complete peace of mind, a thorough background check will give you the confidence that your tenant:
Is your buy-to-let as profitable as it could be? Many aren’t.
There’s often more mileage in a rental home than many landlords realise, and some of the checks you can make to determine whether your property is a peak performer include:
Your tenants have moved in, you’ve protected their deposit, and the first month’s rent is in the bank. So what comes next? Continue reading FP TV (EP 130) THE LANDLORD LINGO BUSTER PART TWO: Mid-Tenancy Checks, Rent Reviews, Tax Talk, And Getting Your Property Back In Fife (Watch/Read/Listen)
Do you know your ARLA from your elbow? Or how about a GSR from the TDS? If you don’t, you’re not alone.
Just like every industry, the lettings world has its own particular lingo to master, with plenty of phrases, abbreviations and rules to keep in your head.
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