#TuesdayTips - resolutions for landlords
Posted 26 January 2016 by Helen Christie
It isn’t just about resolving to go to the gym or to eat better, there are plenty of resolutions you can make in your professional career, whatever that is. Lettings and estate agents Leaders, has compiled a list of the top five resolutions that should be on every landlord's list in 2016.
Get your tax affairs in order
If you haven't already done it, make sure you complete your self-assessment tax return before the 31st January deadline. If you are not up to speed on the tax changes that have been announced recently, take a moment to read up on them and start planning for any that will affect you. Consult a professional accountant for expert advice to help you keep on top of your liabilities whilst being as tax efficient as possible as you head into the new year.
Get up to date with legislation
Last year was a busy one, with several new regulations announced for landlords. From the requirement to fit smoke alarms to new rules on how you should respond to complaints from tenants, plus the imminent Right to Rent regulations, there is a lot for landlords to be aware of. If you are managing your property yourself, make sure you are up-to-date and complying with all relevant legislation. If you are using an agent to look after your property, it is worth checking that they have updated their procedures to comply with the new rules on your behalf.
Refresh your property
Get the most from your investment this year by keeping it in the best condition. Well-presented and maintained properties attract better tenants, higher rents and keep tenants happy. From a lick of paint and some new flooring, to a quick kitchen or bathroom makeover, a few simple, inexpensive improvements can make your property more appealing and maximise your return.
Spring clean your paperwork
This is never a particularly fun task, but is well worth doing. There is a huge amount of documentation involved in owning a property and you should keep all of it safe for the entire period of ownership. An orderly filing system for quick and easy access is invaluable. The original purchase documents such as completion statements, evidence of legal and agent fees and other associated costs should be kept, along with mortgage statements and invoices relating to any work you have had done. If you have ever lived in the property you should keep evidence of the time spent there as this could help reduce your tax liability.
Make the most of opportunities
Despite the recent legal and tax changes, residential property remains an extremely attractive investment with some excellent opportunities for landlords. Whether your priority is to achieve a good rental return, strong capital growth or a balance of the two, there are plenty of chances for investors to capitalise on the favourable market conditions.