Top Tips 1 to 5

Bankers Arbuthnot Latham recently shared their top tips for letting property. They are as follows:

Don’t skimp on record-keeping. Keeping track of income and outgoings is very important. Up to date records enable you to stay on top of administration and compliance, as well as providing you with evidence that you may need in tenant disputes.

Plan ahead. Rental homes, on average, are vacant for approximately a month a year. Good landlords will plan for this. Arbuthnot recommends that landlords hold at least 3 month’s rent in their account to make sure they are covered.

Allow for unexpected expenditure. Rental property costs are much more than just the mortgage. As an example, you also need to take into account the cost of insurance, maintenance and compliance with current legislation.

Deal efficiently (and legally) with deposits. Landlords must follow the rules on tenant deposits otherwise they could face a big fine. It pays to familiarise yourself with the legislation, which can be found on GOV.UK. Landlords should always check the property before handover, draw up a detailed inventory with photographs and make sure that they give the tenant a copy before they move in.

Carry out regular inspections. This ensures that the property is being looked after and helps landlords to get to know their tenant. This gives an insight into any problems being faced by the tenants and their plans for the future. Something that is very useful for planning ahead and identifying unexpected expenditure!

Top Tips 6 to 10

Allow for tax changes. Before landlords start letting a property they should take professional advice to help understand all tax allowances and liabilities.

Calculating rental yields. It is essential to have an idea of the yield expected from the property and knowledge of the area you are investing in.

Location, location, location. It is a huge cliché, but getting this right is vital to a profitable investment.Take advice from local agents and do your homework.

Vet your agent/tenants. Spend time checking out the agent that you are using. Are they highly recommended? Ask around and look at their website and any apps. If you are going it alone, without an agent, meet with your potential tenants before they sign the rental agreement.

Choose the right insurance cover. You must take out specialist landlord cover to insure the building, and contents if you are letting a furnished property. You may also need to insure other risks such as void periods and any damage that may be caused by your tenant.

We think that this is great

This is all really helpful advice.

For anyone who is thinking of investing in property, these are all important.

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