What are the 5 top New Year resolutions for landlords?

What are the 5 top New Year resolutions for landlords?

Now is the time we look ahead at the coming year with all the best intentions. Leaders has compiled a list of the top five resolutions that should be on every landlord's list this new year.

1)  Get your tax affairs in order

If you haven't already done it, be sure to complete your self-assessment tax return before the 31st January deadline. If you are not up to speed on the tax changes that have been announced recently take a moment to read up on them and start planning for any that will affect you. Consult a professional accountant for expert advice to help you keep on top of your liabilities whilst being as tax efficient as possible as we head into a new year.

2)  Get up to date with legislation

Last year was an eventful one, with various new regulations announced for landlords. From the requirement to fit smoke alarms to new rules on how you should respond to complaints from tenants, plus the imminent Right to Rent regulations, there is a lot for landlords to be aware of.  If you are managing your property yourself, make sure you are up to date and complying with all relevant legislation. If you are using an agent to look after your property, it is worth checking that they, like Leaders, have updated their procedures to comply with the new rules on your behalf.


3)  Refresh your property

Get the most from your investment this year by keeping it in the best condition. Well-presented and maintained properties attract better tenants, higher rents and keep tenants happy. From a lick of paint and some new flooring, to a quick kitchen or bathroom makeover, a few simple, inexpensive improvements can make your property more appealing and maximise your return. Refresh your property for under £500 with our handy tips.

4)  Spring clean your paperwork

No one's favourite job but well worth doing. There is a huge amount of documentation involved in owning a property and you should keep all of it safe for the entire period of ownership. An orderly filing system for quick and easy access is invaluable. The original purchase documents such as completion statements, evidence of legal and agent fees and other associated costs should be kept, along with mortgage statements and invoices relating to any work you have had done. If you have ever lived in the property you should keep evidence of the time spent there as this could help reduce your tax liability.

5)  Make the most of opportunities

Despite the recent legal and tax changes, residential property remains an extremely attractive investment with some excellent opportunities for landlords. Whether your priority is to achieve a good rental return, strong capital growth or a balance of the two, there are plenty of chances for investors to capitalise on the favourable market conditions.  Leaders has a range of specially selected investment properties available to buy and can help investors choose the right one to achieve their goals.

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Latest Comments

AbbieP.
AbbieP. 22 Jul 2016

"While house prices in the most expensive eleven boroughs have declined values in the cheapest eleven boroughs continue to rise" - not a nice way to even out the price range. London is overrated as it

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AbbieP.
AbbieP. 21 Jul 2016

And try to profit from your decisions, I may add

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CommercialTrust
CommercialTrust 19 Jul 2016

Retirement investment has always been one of the biggest draws of buy to let. And the buy-to-let demographic is, on balance, older. (Over a third of our applicants are over 50 at the time of application.) It...

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Forrest Wheatey
Forrest Wheatey 11 Jul 2016

I find the time perfect for ever home-owner wannabe. Prices should slowly, but steadily drop, at least for the inner buyer. Making it harder for outsiders to buy properties (the whole Brexit thing means...

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property guru
property guru 11 Jul 2016

Why should Ajay even have to be looking for it. It should be public knowledge. Why is not just publish each years and to were it is and be AUDITED. Accountability.

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property guru
property guru 11 Jul 2016

Surprise suprise

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CommercialTrust
CommercialTrust 30 Jun 2016

This is great news for buyers and investors in a period of significant uncertainty. The 10-year buy-to-let fix at 3.99% in particular is excellent, a clear 100 bps ahead of the nearest competition. Though...

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Lee
Lee 30 Jun 2016

Let's see what happens to north-east property prices when Nissan announce they're leaving.

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DmitriKara
DmitriKara 29 Jun 2016

I just read another article about eviction rising and this was exactly what was on my mind, Housing has become "cat and mouse"...

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DmitriKara
DmitriKara 29 Jun 2016

I am really not surprised. I've seen one too many impudent tenants and in my humble opinion renters have one too many privileges and options to abuse heir landlord in so many ways...

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DmitriKara
DmitriKara 29 Jun 2016

There is still so much uncertainty and I will surely step back and see what's happening before I could make any decisions on my end.

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ChristinaReedUK
ChristinaReedUK 20 Jun 2016

I don't understand why it's always a war between the two sides. Either, way the landlord is probably keeping a detailed inventory and will see the changes you've made. I just don't understand why there...

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