Five Priorities Ayrshire Landlords Need to Know
As a landlord in 2023, it’s fair to say there are a lot of challenges on the horizon. From changes to rental rules, tax upheaval, mortgage mayhem… it’s all going on.
But the first thing to remember is your tenants and their experience of your property. It’s all too easy to move new people into your vacant rental and forget about them until a problem arises. So why not try and make the tenancy run as smoothly as possible from the outset?
In this three-minute read, we look at five priorities Ayrshire landlords need to know and should consider.
1) Create a property welcome pack
It costs virtually nothing apart from time and a little bit of patience, but so many landlords don’t bother to provide the basic information a tenant needs to improve their tenancy period.
A welcome pack could contain the following:
· Landlord and agent contact details
· Where to find instruction manuals
· Location of electric/gas meters
· How to work the thermostat
· Tenant’s responsibilities
· What to do in the event of an emergency
You may have the information already, but putting it in one place positions you as a mindful and helpful landlord. Type it out, laminate it and make sure it’s in a place where the tenant can find it. Once done, it will also benefit future tenants.
2) Improve energy efficiency
For most landlords, getting a vacant property let is the main priority. But why not use short vacant periods to start some energy efficiency improvements? Get the boiler serviced, make sure all the lightbulbs are energy-saving ones and check the condition of floor/loft insulation.
3) Get informed
There are numerous legal reforms happening which will affect private rentals – tax changes, eviction notice reforms, pet-friendly tenancies and so on. Make sure you’re up to date and know what’s going on so it doesn’t come as a surprise later. Being informed and prepared should be a priority for all landlords.
4) Mortgage check
When does your mortgage deal end? Are you on a fixed or variable buy-to-let deal? It’s essential you know the answers to these questions so you can prepare yourself for getting a new deal when the time comes. Get in touch with a mortgage broker if you’re nearing the end of a mortgage deal so you can see what’s available.
5) Communicate
Whether it’s with your tenant or your managing agent, clear communication should be a priority for all landlords. While you don’t have to engage in weekly chats with your tenants, checking in with them periodically is a great way to keep on top of things such as repairs and maintenance and to avoid any unexpected issues or call-outs out of hours.
A short text or email to ask how it’s all going is non-intrusive yet shows willingness to set things right if needed.
Are you looking to let a vacant property? Get in touch with our team at Parkview Property 01292 442888
Why Are Ayrshire Landlords Increasing Rents?
You can’t open a newspaper (or app) without seeing something about the UK rental market. Whether it’s the increase in demand for property, changes to rent rules or landlords selling up – rentals are getting a lot of attention.
And one matter that is causing a lot of controversy is the issue of rising rent. In a cost-of-living crisis, the increase in monthly rent is understandably worrisome for tenants, but are landlords really to blame?
Owning investment property is a business, and for many full-time landlords, it’s their sole source of income. The same applies to one-off or accidental landlords, and with the economy in flux, price changes are inevitable.
In this two-minute read, we explore three reasons rents are going up and why landlords aren’t just profiting off a volatile rental market.
- Mortgage rates
As interest rates go up, the mortgage market goes the same way. And just as residential mortgages get more expensive, so do buy-to-let mortgages. Landlords are facing the same issues as residential owners – their monthly payments have increased.
While many people think that owning a rental is an easy way to rake in cash, it’s a business model that only creates profit if the rental income covers the mortgage payment and there’s money left over. If mortgage payments are going up, then rising rents may reflect a landlord’s increase in costs.
- Changes to tax rules
Without getting into the nitty gritty of UK tax law, over the last few years, there have been lots of changes introduced which impact landlords. This includes the amount they can claim in expenses and how much tax they pay. These changes have not only caused many landlords to sell their rental properties but may have also forced rent increases to meet financial obligations.
- Increased costs of repairs and maintenance
Landlords often pay for the upkeep of their properties through their rental income, and the following issues could be affecting the rent they charge:
- A general increase in the cost of labour and materials, fixtures and furnishings.
- With purpose-built flats, owners often have to pay service charges or ground rents to the freeholder, many of which have increased due to the rising energy costs. Communal heating, lighting and refuse collection will currently be more expensive.
- In the next few years, all rental properties must meet an increased level of energy efficiency, so many landlords will have to undertake major works, which again, could impact rent.
If you’re a landlord looking to rent out a property or a tenant looking for a new home, contact Parkview Property on 01292 442888 Our lettings team is ready to help.