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

Tony Gimple
Tony Gimple 14 Apr 2017

I'm not at all surprised that so many landlords are still confused about what the tax changes really mean and how it will affect them. In particular, the blind rush to incorporation is leaving landlords...

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MH
MH 13 Apr 2017

You are right that the bank holidays are going to be spoiled in looking for the properties. But people who want to sell their property and looking for the better relocation, they can get benefits of this...

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bnellyb
bnellyb 08 Apr 2017

There will be an exodus of private landlords over the next 5 years as tax changes take effect, private landlords provide an important service to the rental market, why do housing associations and councils...

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Fred Cassman
Fred Cassman 07 Apr 2017

"Make it look like you are at home": often people forget this and share on facebook their location!

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jared townsend
jared townsend 05 Apr 2017

It'll be interesting to see how & if the Government's asset sale regarding mortgages helps

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SecomTech
SecomTech 04 Apr 2017

...and not one mention of the rules on PERMITTED DEVELOPMENT!!! Unless you have studied the plans you will not know...It's probable a high proportion would not need planning permission...BUILDING Control...

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Jonathan
Jonathan 03 Apr 2017

That's a very interesting study indeed. There is no doubt that new services and web apps such as Wonego.com in the UK or Roomster in the US will change the way people look for a flatmate, and that tenants...

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MBM Homelets
MBM Homelets 23 Mar 2017

Although this is a very positive step, there is little or no guarantee of the standard of workmanship employed by the tenants. We have had experience of a professionally decorated property being ' painted'...

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ajay
ajay 21 Mar 2017

How is the "robust evidence" looking now?

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NathanG
NathanG 20 Mar 2017

I've been watching the series so far and am completely baffled by the cases that were presented. Though, I don't think that we can protect ourselves from every scam possible - it will just make the scammers...

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Landlady14
Landlady14 01 Mar 2017

You would think so Niraj Shah! My experience only proves that there are varying qualitiers of professional in all aspects of property letting. None of the ones I have dealt with, from letting agents to...

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Mark
Mark 01 Mar 2017

Thanks for this article. Hopefully one day everybody's lifestyle will be eco-sustainable.

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