With all the hype around the Rental Reform Act and tax changes, many landlords hesitate to rent their properties. However, if your property is not selling, we urge you to consider having a London property rental instead. With all the changes in the property landscape, this choice can provide you with a viable and lucrative solution.
Why a London Property Rental is a Lucrative Choice for Landlords
Rental values are at a premium, presenting an excellent opportunity to generate a good income from your property. Partnering with a trusted letting agent like Rickman Properties also ensures your property is in safe and capable hands. In fact, a recent survey by Uswitch highlighted the many attractive advantages a letting management company offers. Kellie Steed, Uswitch spokeswoman, remarked that reputable letting agents offer landlords a viable alternative “to safeguard their investments during this cost-of-living crisis”.
There’s a lot of bad publicity about being a landlord these days, but it’s important to remember that the vast majority of landlords are responsible and professional. At Rickman Properties, we work with a wide range of tenants, including corporate tenants who are looking for high-quality accommodation.
Tips for Successful London Property Letting
If you’re considering letting your London property for the first time, here are a few things to keep in mind:
- Choose a reputable letting agent. A good letting agent will take care of everything for you, from finding tenants to managing repairs.
- Be realistic about your rent. Do some research to find out what similar properties in your area are renting for.
- Make sure your property is in good condition. Tenants consider well-maintained and clean properties as a basic expectation.
- Be prepared to deal with repairs and maintenance issues. Even with the best tenants, things will inevitably go wrong from time to time.
- Be aware of the Rental Reform Act and tax changes. The Rental Reform Act is actively reshaping landlord-tenant law as it progresses through Parliament, promising significant changes. Landlords are also facing direct impacts from tax changes, including reduced tax relief on mortgage interest claims.
If you’re not sure whether renting out your property is right for you, please don’t hesitate to contact us at Rickman Properties. We’re here to offer you expert advice and guidance on all aspects of letting your property, including the impact of the Rental Reform Act and tax changes.
Additional benefits of a London property rental:
- It can be a good source of passive income. Once you’ve found tenants and your property is let, you can sit back and relax while the rent rolls in.
- It can help to protect your investment. If you’re not planning to sell your property in the near future, renting it can help to keep it in good condition and protect its value.
- It can give you flexibility. If you need to move away for work or other reasons, you can still keep your property and generate income from it.
Of course, there are also some challenges associated with being a landlord. But with a little planning and preparation, you can minimise these risks and maximise your chances of success.