In this quick read we look at my top 10 things you can do as a landlord to make 2021 a year to remember for all the right reasons.
1 – Review your buy to let mortgages. Great deals are continually coming to the market, so don’t miss out on significant savings. I would recommend using a mortgage broker like Philip at The Mortgage Shop in Portadown who can advise on the wide range of mortgages available.
2 – Take stock of your insurance arrangements. Do you have the right amount of cover across all of your properties? When it comes to renewal have you just went with the renewal quote from your existing insurer, if so you could be loosing out on saving some money by comparing other insurance companies.
3 – Budget for the unexpected. Always have a financial buffer in place to protect you just in case you experience voids or repairs.
4 – Remember the old saying “a stitch in time saves time”? Well, it also applies to your property’s maintenance. Keeping on top of issues and maintaining the condition of the home regularly pays dividends over time.
5 – Protect your rental income. With furlough coming to an end in April, what happens if your tenants can no longer afford to pay the rent? Are you in the position to miss out on three months of rental income (this is now the minimum Notice to Quit period under the The Private Tenancies (Coronavirus Modifications) Bill 2020).Our new UltimateLet service provides cover for missed rental payments until vacant possession of the property or for up to 15 months, whichever comes first. This is unique in the market.
6 – Show long term tenants you appreciate them with a gift around their tenancy renewal time.
7 – Stay legal. A good letting agent will help you stay on the right side of the reams of regulations, red tape and lettings law that’s currently in force.
8 – If you’re thinking about using an agent to let your property – choose with care. Do they mainly focus on sales or lettings only? Look for a good track record and ask to speak with some landlords they currently work with.
9 – Be aware that the DIY approach to lettings comes at a cost. We are happy to provide a let only service, but the value of our fully managed option gives our landlords is more than just a monetary one. We can take the hassle and stress out of being a landlord by doing everything for you.
10 – Call us, and we can help you with all of the above. We’ll put you on the path to rental property prosperity in 2021!
If you’d like to have a chat about anything in the article, drop me an email to gavin.boyle@orchardlettings.com or give me a call on 02838 355100 for a quick chat.
