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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luxus
luxus 27 Sep 2016

It can be stressful. More clarity is needed on the process, from a customer perspective and consideration should be given to using the Scandinavian model where the sales process is much quicker.

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Melissa_Green
Melissa_Green 26 Sep 2016

Green belts are normally designated around capitals and other major cities and conurbations and their aim is to prevent urban sprawl by keeping land permanently open. The essential characteristics of green...

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Jimmy_McCoy
Jimmy_McCoy 16 Sep 2016

I think that the main reason to buy garden purchases in last minute is because people always search for the best deal. In summer months there are abundance of seasonal goods and it means more low cost

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Jimmy_McCoy
Jimmy_McCoy 16 Sep 2016

Buying a home often is more expensive than you expect. There are lots of hidden costs such as: stamp duty, surveys and valuations, mortgages etc. that can add more than 10% to the total bill

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Homebuyerconveyancing
Homebuyerconveyancing 15 Sep 2016

We are seeing a massive influx of Homebuyers using online Estate Agents. The winners are the online portals that still aim to manage the customer journey to homeownership. They provide a valuation service,...

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oliviaG
oliviaG 12 Sep 2016

Without a doubt renovating can truly be very beneficial to many homeowners but it depends to a great extent on the condition of your home and the parts of it you want to refresh. Before you start you should...

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oliviaG
oliviaG 29 Aug 2016

So true about cats!

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Jason Roberts
Jason Roberts 25 Aug 2016

Any predictions what average rent will be at the same time next year, anymore drops coming?

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dylanvan
dylanvan 19 Aug 2016

very good, thanks for sharing

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SecomTech
SecomTech 19 Aug 2016

Firstly, I either lodge with DPS or do not take a deposit...secondly, If a tenant has not received a confirmation their deposit is secured with either a scheme or in an insured account with an agent/landlord,...

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jasonevans
jasonevans 19 Aug 2016

Belvoir has over 15 years of experience in property lettings, buying and renting and is one of the best agencies I know about. I have heard that they revived an award for the hard work. Really amazing...

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jasonevans
jasonevans 19 Aug 2016

Usually these areas are least affected when it comes to unexpected economical collapse.

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