With the rental market continuing to flourish, now is a better time than any to start your property business.
But with plenty of red tape and regulatory rules to overcome, being a landlord is not as simple as collecting rent at the end of each month.
To support you, we’re sharing helpful tips that every landlord should know before starting out.
Missed out on our first round of tips? Find them here.
Don’t forget to make time for accounting
Whether you’re running your property business through a limited company or on a self-employed basis, don’t forget to account for expenses, revenue, and taxes. You’ll need to file a tax return once a year or risk facing fines or interest.
To keep things straightforward, The Brookings team recommend that landlords should update their books on a monthly basis and separate their business and personal banking to simplify year-end accounting.
Ask tenants the key questions
Finding the right set of tenants could solve a huge number of problems down the line. Always ask about pets, how long they have lived in the area, what they do for a living if they smoke, and if they have children, in addition to the standard tenant reference and credit checks.
Consider hiring a property manager
On holiday? Often out of the area? Or simply spending too much time in the office? A good property management team can help you take care of your property business (such as collecting rent and carrying out maintenance and inspections) so you can prioritise your career or family life and continue to make a healthy rental income on the side.
To find out how a property manager could help you, get in touch with our expert team.
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