CHALLENGES TO BEING A LANDLORD

Being a landlord can come with both its challenges but also its rewards.?If you work with a great Property Manager, the challenges are easy to overcome. ?

At the moment there is a lot of media attention on raising mortgages, rental reforms and laws around EPC’s and more.??Added to which the general issues like missed rents, vacant periods, and damaged property.?All seems like it is not worth it.

But if we shed some light on some of these in more detail, we can decide for ourselves whether the challenges facing landlords out way the rewards.

So, the good news announced this week is that 4 of the big lenders have reduced their interest rates for the first time this year.?Industry leaders are hoping that we have now reached the peak and things may start to improve.?But I think it is safe to say we may not get back down the low rates we have been able to enjoy over the past few years. Non the less a reduction is heading in the right direction!

Getting the right Property Manager to take care of your property can go a long way in tackling some of the other issues.?Firstly, making sure to get good tenants in.?On average tenants stay in rented properties for up to 30 months.?Meaning less risk to void periods, and the need to change tenants regularly.?With the Government looking to get rid of Section 21 no fault evictions, there are still means of protection for landlords.?If tenants miss rent, or you need the property back to live in or sell, you still have rights.?We need to see how the Government irons the reforms out and when they will come into effect.

Another topic in the media storm at the moment is having to improve your EPC rating.?It sounds like a headache, but there can be some smaller and less expensive changes that can help with your rating depending on your property.?Recently a ‘Greener Homes’ study by Rightmove has shown that there is a 15% increase in the average value of a property that improves its EPC from an F to a C.

I guess though if we can navigate through all this you can start to look towards the positives.?Firstly, rental demand is continually increasing across the UK, giving landlords confidence that they will let their property with very little problems.?Added to this, because of the demand, rents are ever increasing, securing good income for landlords.?And lastly, if you are looking to increase your investment property portfolio, there will be some good opportunities out there with the fact that house price increases are slowing down!

At Propertynest Guildford our ethos is quality over quantity. We look to work with great properties and Landlords that recognise exceptional customer service. As an independent agent we work closely with our clients to create a personal relationship.

If you are thinking about renting your property and would like some sound advice, we would welcome the opportunity to discuss your property with you.?Let us take the headache out of being a landlord.

Our take at Propertynest Guildford:

Quality Landlords + Quality Property + Good Tenants +

Excellent Property Management = A No Brainer

?? www.propertynest.co.uk/estate-agents/guildford