Think Let

When looking to purchase a buy-to-let property, you need to assess the best structure to minimise your taxes and costs.

🏠 Understanding your property taxes -- this is a topic which is well covered in the Landlord Vision blog for a reason. Owning a property in your own name (as a sole trader) or through a limited company can affect everything from the financing options available to the land taxes you are liable to pay.

🏠 As a general rule of thumb, if you are a higher rate taxpayer or are planning to purchase the first of many properties, then a limited company structure may be more desirable. If you already own a property outright and you are not a higher rate taxpayer, keeping the property in your own name might be the better bet.

🏠 You should speak to an accountant and consider the pros and cons in detail before purchasing a property. Having the right structure in place from the outset will save you both time and money in the long run.

As a landlord, you should keep records of everything: deposit receipts, rent receipts, maintenance receipts, and a record of all landlord-tenant communication. Digital records can be securely organized without creating paper clutter.

🏠 Holding onto receipts and communication records is a good idea in case legal issues emerge. If you have records of transactions and communications, then you are more likely to prove you’re right in court. Having evidence to support your claims is always a good idea.

🏠 Professionally manage your business by keeping good records. Storing records digitally is the most organized, up-to-date way to do it.

👉 Keep digital records of everything 👈

🏠 CONSIDER HIRING A PROPERTY MANAGER

Hiring a property manager can be a worthwhile investment if you’re looking to save on the time and hassle involved in owning a rental property, such as marketing your property, collecting rent payments, and dealing with tenant issues. A good property manager can also help manage multiple rental properties if you find yourself overwhelmed with landlord responsibilities.

Hiring a property manager is a great avenue to explore if you don’t live near your property or don’t want to fully commit to the hands-on role of managing the rental. By putting the responsibility of owning a rental home on a third party, you’ll have peace of mind that your property is being maintained in a professional and timely matter.

Keep in mind, that you’re legally responsible for maintaining a habitable space for your residents, so if you don’t have the time or resources to dedicate to this important task, it may be time to consider hiring help. Whether your property’s roof is in need of some TLC, or the walls need to be repainted, a property manager may have to take on a great deal of responsibility or hire the right person to do so.

If you can afford the expense, a property manager can help to streamline your landlord duties and facilitate a more hassle-free rental process. Similar to the procedure for finding the right tenant, make sure that you properly screen potential property managers. . Don’t forget to ask for local references and interview multiple people before settling on any final candidates.

💡 FIND TENANTS ONLINE

👉 The majority of tenants search online for their next apartment, which means the most effective way to find tenants is to create an online rental listing. Promote your listing on sites such as OpenRent, Gumtree & even here on Facebook.

👉 The key to finding tenants is to create an online rental listing that tells tenants what they want to know about your rental property. They’ll want to know the rent price, the address, a number of bedrooms and bathrooms, amenities, and nearby attractions—the more informative the listing, the better.

👉 It’s also a good idea to upload clear photos of every room and common space, as tenants will likely be more interested if they can easily visualize the space.

👉 An appealing rental listing that highlights your best features and announces your requirements is the best way to attract quality tenants who will pay rent on time and take care of your property.

Fed up with paying extortionate amounts on call-out fees and minor maintenance?

🏠 Our agreements cover all minor maintenance, including parts and labour. Our in-house team are on 24-hour call for any emergencies to prevent damage before they develop further

🤝 Want to know how we can offer this? Get in touch today to find out!