Of course, it’s rare that someone sets out to be a rogue landlord, but did you know that there are now believed to be something like 160 laws you have to abide by when letting a property – and this translates into over 400 rules and regulations?
In 2017 rent arrears are expected to rise. The reason being is that inflation – i.e the general cost of living for you and your tenants – are rising mainly thanks to the fall in sterling, so tenants have less to spend and, from your perspective as a landlord, the likelihood of a harsher tax regime and increased health and safety costs means you may have to increase rents. In most areas, it is expected that in 2017 rents will rise faster than property prices for the first time.
One of the most unusual trends in the housing market recently is the sharp rise in the number of pensioners with substantial mortgages. Some are doubtless experiencing a cash crunch, but others may have found a novel way of avoiding inheritance tax.
The start of April hailed "Axe the Tenant Tax Awareness Week" but sadly it’s probably not going to make much difference to the fact that from 6th April 2017, all landlords have to do their accounts in a very different way. For some, especially higher rate tax payers, this is likely to result in substantially higher tax bills than seen in previous years.
With April showers already showing their might this month, making sure that your property is watertight after the winter is essential.
Water has a habit of getting into a property through the tiniest of cracks and this can cost you a fortune very quickly if not found and fixed.