Three landlord tips for a great year
Landlords it's time to make sure your properties and your finances are all set up with these three things that you could take note of.
1. Review your mortgage(s)
When was the last time you reviewed the mortgages on your rental properties – could you be paying less for the monthly repayments? Speaking to a mortgage broker can help you work out if you could be on a better deal which could leave you with more income to invest back into the property’s maintenance pot or even save for another future investment.
Nottingham Mortgage Services search over 60 lenders to find the right mortgage for their client’s circumstances.
You should factor in checking your mortgage every few years or, a few months before you know your current deal is going to end to ensure that you’re on the best deal. Read our buy-to-let guide for any refreshers you may need.
2. Make sure maintenance is up to date
The New Year is a great excuse to have a maintenance check up on your properties as well as a visit to your tenants if you don’t have a managed service, but you could do this at the start of a season or at six monthly intervals, whichever suits you and your tenants. We have a winter property checklist that could help you tick off jobs for cold season maintenance too which covers weather-specific things to check up on such as garden upkeep and drain blockages.
It can be nice to refresh any interior decorating on your properties that perhaps could do with some TLC. Updating with fresh and modern decor and adding extras such as security systems can also help to add rental value to your property. Check out our top five tips on adding value to your rental property.
Remember, it is your responsibility as a landlord to make sure that any works and repairs are conducted throughout the tenancy in a timely manner in order to maintain compliance with the Homes (Fitness for Human Habitation). Find out more about the Homes (Fitness for Human Habitation) Act in our guide.
3. Save for refurbishments
If property refurbishments often come as an unwelcome surprise to your bank balance, putting aside a pot of money each month to pay for them when they pop up could be a great idea to help you manage your finances. Kick off each month by putting some money aside before sorting the rest of your finances and you’ll accrue a healthy pot over time that’ll be waiting when you need to dip into them next time a tenant has a burst pipe or a boiler fault.
An Instant or Easy Access account could be best if you know you’re going to need access without giving your savings provider notice for your withdrawal. Check out our list of Instant Access accounts and pop into any of our branches in order to open one.
HM Lettings offering
If you are looking to have your property managed with a service then HM Lettings could have what you need. We offer a fully managed service where landlords receive two inspection visits a year to their property or properties and will be notified of the outcome of this visit.
Have you got a property to let? Get in touch with HM Lettings today.
HM Lettings are members of ARLA Propertymark (the UK’s foremost professional and regulatory body for letting agents and their Client Money Protection Scheme) and The Property Ombudsman (TPO).
Last updated on: