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Landlords information
Is letting my property still an option?
The answer to this question is undoubtedly – YES!
Investing in property, either commercial or residential properties, was once open to only landowners and a privileged few, until 1997, when investing in property became an available option to many through Buy To Let.
In 1997 with the start of ‘Buy to Let’ opened the possibilities of expanding the circle of investors, with many individuals taking advantage of rising house prices to release equity in their homes and using existing savings to start their property portfolios, some building quite substantial portfolios.
Since then, the Residential Lettings market exploded and continued to grow, not only with Buy to Let investors but also homeowners moving away but wanting to stay on the property ladder, until late 2007 when the banking crisis threw a spanner in the works and lenders tightened their belts with the numbers of new buy to let mortgages being granted at about a quarter of what it once was.
If you are investing in property for the first time, expanding your portfolio, inherited a property or moving out of the area but wanting to stay on the property ladder, letting a property is still a good option.
There is a continued and strong demand for rental accommodation locally, with many agents in the county reporting that this year they have more tenants than property available. This has been echoed nationally from a recent ARLA report with 70% of members confirming this trend.
The quality of tenant has also increased dramatically over the last few years as the national workforce has become more transient. Once, the type of person that rented a property was not in a financial position to purchase, now more professional people and families are looking at the rental option as a way of moving up, or in some cases down the property ladder.
As the rental market has developed, as has the legislation that you will need to understand and comply with. There are currently over 30 laws and regulations that involve rental accommodation ranging from safety issues to tenant rights and protection to Landlords responsibilities to deposits.
Failure to adhere to most of these laws and regulations can have very serious consequences to a Landlord in the way of hefty fines and in extreme cases, criminal prosecution.
Because of this, it is essential that renting out your property, not just the setting up but also the management of the tenancy, should be done correctly.
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