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.