5 New Year’s Resolutions for Landlords
As 2021 draws to a close, many of us will be reflecting on the past 12 months, the lessons we’ve learnt and the plans we have for moving forward into a new year full of possibility. The beginning of a new year always instils in us a desire or search for change, so it’s the perfect time to assess whether the way you operate as a landlord is maximising your return on your buy-to-let property.
As a landlord, there’s a lot to manage, a lot to remember and a lot to stay on top of, even with just one property (let alone a larger portfolio). From making sure you’re on top of your tax affairs and becoming well-versed in the latest rules and regulations to paying attention to safety and energy efficiency, here are our top 5 resolutions that will stand you in good stead and ensure you have a prosperous and positive 2022.
Keeping up to date with legislation and regulation is a vital part of being a successful landlord and will contribute towards keeping you on the right side of the law as well as saving you time, money and hassle. The private rental sector is subject to frequent changes in legislation on everything from right-to-rent checks to gas and electrical safety to HMO licensing so it’s important you’re aware of any changes as soon as possible so you can take any necessary action required.
EPCs were introduced in 2007 and last 10 years so if you can’t quite remember your last inspection, now is definitely the time to dig this out and if needed, book an inspection to renew your certification. From April 2018, following a change in requirements, all properties being let or sold must have a minimum EPC rating of E. Since April 2020, this now applies to all existing tenancies, not just new ones or renewals. As such, if your property didn’t have a valid EPC rating of E by this date, or still does not, your property cannot be legally let, and you could face fines up to £5,000.
The final deadline for submitting your self-assessment and paying any money you owe as a landlord is 31st January 2022. We know it can be overwhelming when you try to keep on top of the changes that occur to tax legislation as each year passes, but your tax return is important. The main expenses for landlords typically include service charges and ground rents, insurance premiums for your rental property and fees occurred by accounting, conveyancing or mortgage interest.
Communication will continue to be vitally important in 2022, especially as the long-term economic impacts of the pandemic continue to be felt across the country. The uncertainty of the next year affects us all and as such, could likely affect your tenant’s income, so it’s important you keep in close contact. This will not only show you as a conscientious and committed landlord but will also allow you to keep on top of any problems, as most disputes arise as a result of a simple misunderstanding or lack of communication.
Carrying out regular maintenance and renovations works to keep existing tenants happy whilst retaining the value of your property, ensuring you get the most out of your investment. Even the smallest of changes can result in big financial rewards as by enhancing your property you can not only boost its rental and market value but in turn, enhance the profitability of your property portfolio. So, if there are any decorating tasks you delayed last year due to the pandemic restrictions, such as upgrading the kitchen or bathroom or simply adding a fresh coat of paint, be sure to see these through in 2022.
In a crowded rental market, it’s imperative to know who you can rely on to maximise your return on property rental. If you choose ZFA Group, we will handle the management of your property with expertise and experience to offer you the highest quality service.
If you’re thinking of buying-to-let, chat to one of our friendly knowledgeable employees – we can help you with a range of services, from guaranteed rents and property management, estate agency and property investment, and commercial letting.
Contact us today if you have any questions and we’ll take care of the rest.