Advice for Landlords
My Property Hub already offers a wide range of services for landlords, but we have plenty more planned. We are currently busy writing practical guides packed with help and advice for new and experienced landlords. In early 2012 we will also be adding a greater range of services and look forward to hearing your feedback.
Landlords get a lot of bad press, but on the whole, the vast majority are decent people out to make life a little easier financially for them and their families. Many landlords go in to buy to let as a long-term investment for their retirement years.
Most do not realise the burden of renting out a home when they sign on the line to buy their first letting property. A buy to let business involves learning a lot of business skills fast:
- Project management to handle builders, plumbers and tradesmen working on property's
- Marketing a buy to let property to tenants if the property is self-managed
- Handling letting agents if the property is managed remotely
- Dealing with tenants, rents and deposits
- Financial management and credit control involved in collecting rents and keeping financial records for the taxman
- Property management: maintenance and repairs when something goes wrong
If a landlord has more than one investment property, the tasks multiply as well. Shared houses (houses in multiple occupation or HMOs) need extra management attention to deal with licensing and other legal requirements. It's no surprise that this 'passive' income stream becomes a full time job for many property investors.
Looking after the property and the administration that goes with it may be a downside, but don't forget buy to let investment has an upside as well.
The rental income from a well-managed property can offer a significant reward, while increasing property prices in the long-term can also build a profitable nest egg. Even at today's prices, 10 average priced terraced buy to let's can be worth £1.5 million or more and return gross rents of £5,000 a month.
One of the first decisions a landlord has to make is whether to manage a property directly or whether a letting agent is more cost-effective. A letting agent will charge around 10% -15% of the monthly rent, but on the other hand they will take the strain away from finding tenants, conducting viewings and collecting the rent. They will also save the landlord the bother of taking calls from tenants.
A good letting agent will also have tradesmen available to deal with urgent repairs, most problems are caused by faulty boilers and heating systems.
My Property Hub has teamed up with some of the country’s most-trusted suppliers to provide a suite of landlord services, ranging from: buy to let mortgages to landlords insurance. To find out more about how | My Property Hub can help you build a successful property portfolio fill-in our online contact form and we’ll get back to you.