There is no doubt that the private rental sector is getting more complex, and it can be hard to stay on track and remain compliant. As the half-year mark creeps up on us, what a great time to take stock of where you are and what plans you should be putting in place for the year ahead.
With 160 existing pieces of legislation and new regulations and amendments being introduced throughout the year, there is an overwhelming amount of information to absorb. Our lettings team are always on hand to offer advice and guidance, and when it comes to the rental market there is no such thing as a silly question. If you’re looking for support in this area, it’s worth considering having your property managed by us as we can ensure that you and your property remain compliant.
Have the right standard
As you may be aware, the minimum standard for energy efficient ratings has risen to E for all privately rented properties. This includes any new rentals, and tenancy renewals. It is worth mentioning that the standard is expected to rise again in the near future, so if you need to undertake works to bring your property up to an E rating, you may wish to aim for an even higher standard in order to prevent future works and void periods.
What’s your maintenance plan?
We like to recommend that you put together a 5-year maintenance plan for your portfolio; this should take into account any ongoing wear and tear and improvement works. It is a good idea to involve any long-term tenants in the process so they know when the works will take place, but it also shows them your commitment to providing a quality rental that is well cared for.
It’ s not just your current tenants that will be pleased that your property is well maintained. Tenants today expect high standards, and will pay a higher rate for a property that they can see is respected by the landlord.
Because s**t happens
It’s always wise to plan for the unexpected, and many of our landlords place a proportion of their rental income aside for unforeseen circumstances. We’re not just talking about an oven breaking, or storm damage, it could also be a tax bill that catches you off guard. Have you checked your emergency pot recently? You may not have touched it for a while; alternatively you could have been chipping away and could do with a top up – you never know when the unexpected will happen.
You have your lending and insurances in place, but have you checked the rates are still competitive and your policies fit for your requirements? Taking stock now could result in you finding some savings as well as increasing the protection on your portfolio. If you would like independent financial advice, we can point you in the direction of professionals our clients recommend.
Are you getting the best out of your property portfolio?
Portland, promised delivered