Have you wondered about becoming a landlord but aren’t sure whether it’s still worth it or even your kind of thing? Well, you’re in the right place!
For anyone with a genuine passion for property, being a landlord is a very natural fit to supplement your income, build financial freedom and nurture your inner designer and entrepreneur.
Providing comfortable and stylish homes that people enjoy living in is a genuine source of satisfaction and accomplishment for many of our landlord clients - they take real pride in what they do and find the experience truly rewarding, personally and professionally.
It’s also true that the buy-to-let landscape has shifted significantly in recent years. Changes in taxation, stamp duty, tenancy legislation and energy efficiency standards have put more responsibility on landlords, but buying to let remains a sound long-term investment strategy.
With that in mind, this week’s blog covers all you need to know about starting and growing your own lettings portfolio.
BRUSH UP ON BUY-TO-LET FINANCE AND TAX
Budgeting correctly is essential for any successful business, so here’s a quick rundown of lending criteria, stamp duty costs and tax allowances for landlords.
Knowing the basics of buy-to-let mortgages, buying costs, and tax will help you assess the viability of any investment property accurately and swiftly.
LEARN ABOUT LANDLORD LEGISLATION
The rules and regulations covering lettings are famously ever-changing, with around 150 pieces of legislation to get to grips with. There are also some best practices you should follow to minimise the potential for disputes.
Here’s a small taster of things to remember:
This might seem like a lot - ok, it is a lot! - but with an experienced managing agent by your side, you can leave all that to them while you concentrate on the fun stuff, like growing your portfolio.
THINK ABOUT YOUR BUY-TO-LET STRATEGY
There are various ways to be a landlord, but the number one rule to keep your buy-to-lets occupied and in demand for years is to tailor them to your market.
Start by asking local letting agents which homes they need more of, then consider the following:
If you’d like to know what tenants want from a rental home in Wilton & Salisbury area , drop us a line at email@example.com or call us on 01722 580059.
CONSIDER SETTING UP A COMPANY FIRST
When you set up a limited company before purchasing any property, every buy-to-let you add to your portfolio can benefit from the different - and often more favourable - tax policy.
While there are clear benefits to owning your buy-to-lets through a company, it isn’t necessarily the best route for everyone, so speak to a tax adviser first to make sure you pick the right strategy for you.
BECOME A LOCAL LEGEND
As a landlord, you’re free to invest in property anywhere, but there are many advantages to growing a portfolio close to where you live, including:
Perhaps the biggest day-to-day advantage of keeping your portfolio close together is that, even if you buy every property through a different estate agent, you can keep all your rental homes with the same local managing agent.
Are you thinking of becoming a landlord in Wilton & Salisbury?
For some expert advice on the rental market in Wilton & Salisbury area and the best type of property to invest in, give us a call on 01722 580059 or drop us a line at firstname.lastname@example.org- we’d love to help you find your first buy-to-let and to be part of your landlord journey.
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