Why has there been renewed interest in buy to let recently and how can landlords take best advantage?
With section 21 ‘no fault’ evictions unlikely to become law for at least a year and timings for possession notices returning to pre-pandemic levels from next October, it’s no surprise we’ve noticed renewed interest in buy to let.
Easing of lockdown restrictions and faster rollout of the vaccine as well as improving capital growth and tenants confirming more permanent working arrangements are making a difference too.
But how can landlords take best advantage?
Keeping up to date with the over 150 rules and regulations which impact the lettings sector is always a challenge particularly those covering tenants’ health and safety.
Guidance from qualified, knowledgeable and experienced agents like Jeremy Leaf & Co is invaluable if landlords want to track market changes and avoid the many potential pitfalls.
Our most successful landlords regard buy to let as a long term investment and treat tenants as valued customers.
Since the start of the pandemic, fast wifi, high quality appliances and good sound-proofing are proving even more important for tenants likely to spend more time working from home.
But better weather is highlighting the need for repairs and decorations inside and out when preparing property for rent.
It's always difficult to guess tenants’ taste in terms of decor but neutral colour schemes and designs are generally preferable.
Landlords should try to make the most of natural light by arranging furniture to best effect as well as tidying and cleaning throughout – especially windows.
We recommend gardens/outside space and equipment are kept in good order as will be more in demand.
Seurity is also crucial so external lighting and any alarm should be working well as properties tend to be left empty more frequently at this time of year.
Insurance must always be monitored carefully to ensure sufficient protection including loss of rent.
Taking action now is more likely to reduce the risk of nasty surprises later and mean landlords can take maximum longer-term advantage of present opportunities!