Menu
Add a property
Add a property

Tag: landlords

How the weather is affecting your rentals

by Alysha Taylor SmithPosted on

In recent years, the impact of climate change has become increasingly apparent causing unfamiliar weather events across the world, including the UK. With the unpredictability of summer weather changing between heatwaves and large downpours of rain, how can landlords ensure they are prepared?

Rising Utility Costs

Fluctuating temperatures contribute towards higher utility costs and tenants may rely more on electricity to cool or heat their living spaces, leading to increased utility costs for landlords and tenants alike. Higher temperatures can result in increased water usage, further burdening the electrical grid and city resources, thereby escalating costs. Landlords offering bills included should carefully consider the monthly charge to make sure that it covers expected usage. 

Coastal Risks

Coastal towns are particularly vulnerable to weather impact, such as flooding and rising sea levels. The structural integrity of properties in these areas is at risk, and the demand for property insurance increases alongside repair bills. Landlords letting properties near the coast, particularly in areas with rougher seas (for example, Cornwall) should seriously consider implementing measures to protect their properties in the case of flooding – Or even consider moving to inland investments.

Property Damage and Market Appeal

Weather-related property damage can significantly impact a landlord’s bottom line. Continuous exposure to weather-related calamities can make properties located in high-risk areas less attractive to potential tenants. Renters are increasingly considering the risks associated with extreme weather events, making properties in these locations less desirable. Consequently, selling properties in such areas may lead to reduced profits or even losses, as real estate prices tend to drop in climate-impacted regions. It may be a good idea to look forward to the future and aim to predict which areas are likely to suffer from weather damage in the long-run to adjust your property investment strategy for better long-term success.

Changing weather patterns caused by climate change pose significant challenges for landlords in the UK. Being proactive and implementing climate-resilient measures can help landlords protect their rental properties from potential damages and maintain their market appeal. Constructing energy-efficient buildings, reducing energy consumption, and embracing sustainable practices are crucial steps in mitigating the impacts of changing weather on rental properties. By adapting to these challenges, landlords can safeguard their investments and contribute to a more sustainable future.

6 steps to becoming a landlord in 2023

by Alysha Taylor SmithPosted on

Are you considering taking the step towards becoming a buy-to-let landlord? Despite the challenges and changes in the rental market, there are some promising opportunities for success. In this guide, we’ll take you through the key steps and considerations to help you make an informed decision about becoming a landlord in 2023.

Step 1: Assessing the Financial Landscape.

While rising interest rates may impact mortgage costs, it’s essential to remember that rental income can still provide a steady source of revenue. Evaluate your financial situation and determine if you can cover mortgage repayments if rates increase. Additionally, research tax implications and potential changes in legislation to fully understand the financial landscape.

Step 2: Understanding Eviction Laws

Changes in eviction laws can affect landlords’ ability to regain possession of their properties. Familiarise yourself with upcoming reforms, such as the Renters Reform Bill in England, which proposes a ban on no-fault evictions. While the changes aim to protect tenants, they may also impact landlords’ flexibility. Stay informed about exceptions to eviction bans and the process for removing tenants for legitimate reasons.

Step 3: Exploring Tenancy Arrangements

Be aware of changes regarding fixed-term tenancies. Under proposed rental reforms, fixed-term tenancies may be replaced by rolling tenancies, making it harder to plan for the future of your rental property. This change may impact student lettings, as students may choose to extend their stay beyond the academic term. Stay updated on potential modifications to these policies to ensure your rental arrangements align with your goals.

Step 4: Compliance with Regulations

Ensure your property meets the necessary standards and regulations. The Decent Homes Standard, which currently applies to social housing, may be enforced for private landlords as well. Non-compliance with these standards could be listed on a property portal, affecting your reputation as a landlord. Stay proactive in maintaining a safe and habitable living environment for your tenants.

Step 5: Consider Business Structure

Evaluate the pros and cons of setting up a limited company to purchase your buy-to-let property. While it can offer tax benefits for higher-rate taxpayers, keep in mind that the availability of buy-to-let mortgages for limited companies may be limited compared to private individuals. Research the implications and consult with professionals to determine if this structure suits your situation.

Step 6: Stay Informed and Adapt

As a landlord, it’s crucial to stay updated on industry changes, market trends, and government policies. Monitor news sources, industry publications, and reputable websites for the latest information. Join landlord associations or forums to connect with experienced landlords who can provide valuable insights and advice. By staying informed and adapting to changes, you can navigate the evolving landscape of property rental successfully.

Becoming a landlord in 2023 can still be a viable and rewarding endeavour. By carefully considering the financial aspects, understanding eviction laws, adapting to tenancy arrangements, complying with regulations, choosing an appropriate business structure, and staying informed, you can navigate the rental market effectively.

Working with an agency can help you to navigate the ever-changing laws and regulations in the buy-to-let space and avoid potential fines. 

Landlords back minimum housing standards

by Sorcha DugmorePosted on

Landlords across the UK are showing their support for policies ensuring minimum housing standards, according to a new survey conducted by the Paragon Banking Group. The results of the survey show that the majority of Landlords believe that all rental properties should meet a set of minimum standards to ensure safe and comfortable living conditions for tenants.

The standard would include requirements for heating, insulation, and ventilation, as well as basic amenities such as running water and working appliances.

This marks a significant shift in attitude among Landlords, who have previously been resistant to government regulations and requirements for rental properties. Showing that they clearly recognise the importance of providing safe and comfortable homes for tenants.

Commenting on the survey results, John Heron, managing director of mortgages at Paragon, said: “It’s clear from our research that the majority of landlords are supportive of minimum standards for rental properties, and this is a positive step for the sector as a whole.”

Heron added that the survey results reflect a growing recognition among Landlords that good quality housing is essential for the success of the private rented sector. He also noted that many Landlords are already investing in their properties to meet or exceed minimum standards.

The findings of the survey have been welcomed by housing campaigners, who have long called for greater regulation of the private rented sector. The government is currently considering proposals for a new minimum standard for rental properties, and the survey results may provide additional support for these efforts.

Overall, the survey suggests that Landlords are increasingly recognising their responsibility to provide safe and comfortable homes for tenants. By supporting minimum housing standards, Landlords can help to improve the reputation of the private rented sector and ensure that tenants have access to high-quality rental properties.