Welcome to the next in our series of interviews showcasing the views of property experts. Today, our spotlight falls on industry commentator and analyst, Kate Faulkner, who can be seen across social media, TV, and in person, speaking at events around the country. Kate is also founder of Property Checklists, which is an educational resource for those looking to buy, sell, and rent property.
When purchasing a BTL property, there are a number of choices that landlords will have to make and these can impact significantly on the success of their investment.
The first choice is whether to buy for cash or use financing.
Assuming your property isn't a holiday let you may not have considered providing kitchen utensils for your tenants. Even private landlords who provide fully furnished properties are unlikely to include utensils on their list of furnishings. But is it something worth thinking about?
Let to buy is more popular than ever. Homeowners struggling to sell their property are increasingly turning to let to buy to enable them to move.
We've put together this MakeUrMove video. Take a look here.
The boiler breaking down is a nightmare scenario for all private landlords. Repairing or replacing a boiler can put a big dent in your finances. But apart from the pain of repair the boiler also provides private landlords with other headaches and responsibilities.
Being a landlord can be exhausting and even we have to take a well-earned trip from time to time. The worry is that you have to ensure that your property remains intact whilst you are away.
Receiving the rent from your tenant is the most important aspect of any private landlord's business. After all, with no rental income, you won't have a business. At least not for long. You must do everything in your power to ensure your tenant pays the rent in full and on time. It provides the cash flow you have budgeted for and ensures your property business makes a profit.
There are more than a few things which tend to get private landlords riled. Rising interest rates, reduction in tax relief and increasing legislation are all guaranteed to raise a landlord's hackles. And understandably so. But another thing which irks many landlords is the deposit protection scheme or DPS. Which is altogether more surprising
In the age of online property searches tenants can instantly find every property that suits their needs in a matter of seconds, so standing out is a huge task and many landlords think that a selection of professional photos of the property will be the key to securing the maximum amount of interest.
For most people becoming a landlord is a conscious decision. Maybe they have money to invest or are looking to establish a business with a portfolio of properties. For these individuals, they fully intended to become private landlords and financed their properties accordingly.
If you have a property to let, a loft conversion can be a great way to attract tenants, by creating extra living space from the unloved attic. It can also add potential revenue in the short term, and then again in the future if you decide to sell the property.
