Romans Landlords New Year's Resolutions | Lettings

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8 Jan 2019

Five great New Year's resolutions for landlords

Author: Grace Watson

From making sure you’ve got your tax affairs lined up and making sure you’re aware of upcoming regulations, to paying attention to safety and energy efficiency, there’s several things to think of for the new year as a landlord. Here’s our top five ideas to kick-start a successful 2019 as a landlord.

 1. Take time to review upcoming changes to legislation

With almost 200 pieces of landlord legislation currently in order and relevant to the ever-changing rental market, it’s more important than ever to make sure your understanding of how these legislations can affect your properties is a priority. Matters such as right-to-rent checks, gas and electrical safety, boiler servicing and HMO licencing have become hot topics over the last 12-18 months and are important responsibilities for any landlord. If you’re not sure where to start when it comes to maintaining your property or complying with new legislations, consider approaching your local Romans lettings team for more information on property management services.

2. Stay one step ahead of the tax man

The final deadline for submitting your tax self-assessment and paying the money you owe as a landlord is 31st January 2019. It can be incredibly difficult to stay afloat of the changes that occur to tax legislation as each year passes, but your tax return is an important matter. The main expenses for landlords typically include: service charges and ground rents (if applicable), repair and replacement costs, insurance premiums for your rental property and fees occurred by accounting, mortgage interest or conveyancing. If you’re a first time landlord, arranging for a tax advisor or accountant could be the best way to introduce yourself to the necessary requirements when it comes to submitting your tax return.

3. Start to plan ahead, when it comes to property maintenance

If last year’s ‘Beast from the East’ is anything to go by, it’s likely we could be in for another cold and icy winter. Unfortunately for many property owners, such cold weather often brings a new wave of property maintenance requests. Keeping on top of property maintenance not only keeps your tenants happy, but it helps to protect your investment by avoiding much larger problems down the line. Frozen pipes and faulty boilers are common complaints for our property management team over the course of the winter months, but they are easily resolved if maintenance work is actioned swiftly. If you foresee any additional works being required throughout 2019 – including cosmetic works – then try to book these in with plenty of notice. This gives your tenants peace of mind that you’re looking after them and their home, but it also means you can plan your finances and allow for any scheduled works taking longer than normal.

4. Review your mortgage products

With two interest base rate rises in the UK throughout 2018, it’s best to start shopping around sooner rather than later, when it comes to refinancing your properties. The new year typically brings some great mortgage deals and five year fixed mortgage terms are currently offering all-time low interest rates. Our panel of experienced mortgage advisors are able to compare hundreds of lenders and could help save you thousands over the course of your next mortgage term. If you’re not sure where to start when it comes to remortgaging your properties, why not get in touch?

5. Make sure you have sufficient landlord insurance

Many landlords think that general building and contents insurance policies protect them sufficiently from damage to their rental homes, but this simply isn’t the case. Landlords should always have a robust insurance policy specifically for their rental properties, which includes public liability insurance, insurance for your white goods and furnishings and also cover for loss of income. If you’re not up to date with the latest landlord insurance policies, starting some research during the first month of the New Year is a great idea.

We know there’s lots to think about when you’re a landlord, so if you’d like additional help identifying your top priorities for 2019, contact your local branch.

 

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