The Telegraph has run an article from the Secret Landlord on the the three things she is recommending you do asap.
The article can be seen here (subscription may be necessary) and her 3 key Landlord Survival Tips for 2024 are:
- Review All Tenancies and Rents:
- Landlords should carefully assess existing tenancies in light of potential changes, especially considering the potential removal of Section 21.
- Understanding tenants and their situations becomes crucial. Some landlords are now implementing stricter criteria, such as requiring guarantors for new tenants.
- Exploring additional information like personal profiles from applicants can provide insights into their longer-term plans.
- Despite challenges in the cost-of-living, landlords are advised not to shy away from rent increases. Market-aligned adjustments may be necessary.
- Be prepared for potential policy changes, such as the reintroduction of EPC regulations, rent controls, and increased taxation, which might impact property viability.
- Keep an Eye on Costs:
- Take advantage of the competitive mortgage market with rates expected to decrease. Consider setting up alerts to act swiftly when favorable deals emerge.
- Explore longer-term fixes, aiming for security in knowing future payment amounts.
- Secure competitive building insurance rates using a broker, potentially mitigating significant increases.
- Address rising material and labor costs by scrutinizing project expenses. Strategies like partial kitchen replacements and focusing on high-usage areas can be cost-effective.
- In the face of soaring plumbing costs, consider boiler cover policies to manage unexpected expenses. Evaluate boiler replacements, considering potential EPC regulation changes and benefiting from longer warranties.
- Ensure Properties Meet Decent Homes Standards:
- Stay informed about the introduction of Decent Homes Standards to the private sector, alongside the Renters’ Reform Bill.
- Proactively assess properties to ensure they meet or exceed these standards, considering potential regulatory changes.
- Be prepared to adapt properties to comply with evolving standards and maintain high-quality living conditions for tenants.
