6 Tips for Buy-To-Let landlords in 2022
Becoming a landlord in 2022 isn’t easy so we’ve put together some handy tips to help make it easier for you.
- Use a property intelligence platform to get an advantage
Landlords are having a hard time of it and finding new opportunities is becoming harder and harder with less margin for error. Using a property intelligence platform like propertymarketintel.com can be a perfect way to keep ahead of the and in the know about your area and up and coming areas. The platform also helps you source new investment opportunities that have been pre-filtered with 20+ predefined investment strategies.
Use a free property management platform
Cut your costs and start self-managing your portfolio, 1000’s of landlords started to self-manage during COVID-19 when they had extra time on their hands and found it to be easier than they expected. You can use a free property management platform such as Octo to cut your costs and manage your portfolio for free.
- Use a free property management platform
Cut your costs and start self-managing your portfolio, 1000’s of landlords started to self-manage during COVID-19 when they had extra time on their hands and found it to be easier than they expected. You can use a free property management platform such as Octo to cut your costs and manage your portfolio for free. - Start small and learn your trade
You might plan to finish the decade as a property magnate, but your first buy-to-let project should play as safe as possible. Buy well within your budget, and initially pitch rents just high enough to cover your costs with a small excess. This leaves you free to make mistakes – which you will – and learn lessons that you can carry over to your next property, where you can start to chase more profits. - Make sure you have the correct licences
Not having the correct licence for your rental property can prove very costly. For instance, if you rent to multiple tenants who are not part of the same family, you need an HMO (House in Multiple Occupation) licences. Note too that you need a licence for each property you rent out. - Draw up an AST tenancy agreement
Failure to put a strong, legally binding contract in place is asking for trouble – even if you think you know your tenants very well. - Build a good relationship with your tenants
A spoonful of sugar early on can make a big difference later. You’ll want to carry out regular inspections, and for this, you need your tenants’ permission. So give 48 hours written notice before inspections – and long before this, win their affections and trust with a few small gestures, such as a welcome hamper. - Use a deposit protection scheme
Don’t feed the tales of bad landlords who refuse to refund deposits for no reason. Use one of the deposit protection schemes approved by the government so you don’t find yourself accidentally unable to repay a deposit. - Have a valid Energy Performance Certificate (EPC)
If your property doesn’t have an EPC with a rating of at least an ‘E’, then you could be fined or even banned from managing the property. Make sure your property has this certificate, and give a copy to your tenants.
