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  • Writer's pictureThe Cedar Crest Team

How landlords can maximise potential returns on investment

Updated: Mar 28, 2023

Staying ahead of the competition 2023


 


 

As a new or even experienced professional buy to-let landlord in 2023, there are certain steps you should take to stay ahead of the competition. Being a professional buy-to let landlord is an important responsibility that requires commitment, dedication and effort.

 

Taking the time to familiarise yourself with the constantly changing relevant laws and regulations is essential. This includes proper tenant screening processes, security deposits and rent payments, fair housing practices, insurance requirements, state tax implications and more. Learning these important details will protect both you and your tenants from any unwanted issues that may arise down the road.


Additionally, understanding current market trends and how they are changing will help maximise the potential return on your investments. Knowing the current going rates for rental properties in your area and any other key information related to the local housing market can help ensure that you are pricing your rentals accordingly.


 

Keeping up-to-date with online resources, professional organisations and industry publications will also give you a better understanding of what is happening in the buy-to-let landscape. Taking these steps to protect your finances and investments is essential for all professional landlords. Setting up an accounting system to track profits and losses, being prepared for unexpected expenses such as repairs, maintaining proper insurance policies and having an emergency fund are just some of the ways to safeguard your investments.


 

MAINTAINING YOUR BUY-TO-LET BUSINESS


As a buy-to-let landlord, you need to understand the full range of responsibilities that come with this role. As well as acquiring the property and managing tenants, there are a number of legal and financial obligations that must be met in order to maintain your buy-to-let business successfully.


 

AT THE VERY LEAST, YOU SHOULD CONSIDER:


  • Establishing an appropriate tenancy agreement before letting out the property

  • Having landlord insurance cover in place for both damage caused by tenants and public liability

  • Ensuring the property meets all relevant safety regulations

  • Keeping up-to-date records of rent payments

  • Being aware of changes in legislation that may affect your rights and duties as a professional buy-to-let landlord

  • Seeking professional advice from tax and legal experts if you have any queries or concerns

 

PROTECT BOTH YOURSELF AND YOUR TENANTS


Understanding your obligations will help protect both yourself and your tenants from potential financial losses or other issues associated with renting out property. Ultimately, being a professional buy-to-let landlord is about more than just securing an investment; it’s about providing quality housing options for those who need it.


By following these steps and staying knowledgeable about laws and regulations, you can be well-positioned to succeed in the buy-to-let market in 2023 and beyond. Investing the time now to become informed and prepared will pay off in the long run for both you and your tenants.


 

>> READY TO EXPLORE OUR BUY-TO-LET MORTGAGE OPTIONS?<<

From securing your first tenant to growing your property portfolio, we’re here to help you on your journey. To find out more, speak to Cedar Crest Ltd – telephone UK T: +44 (0) 203 883 1017, HK T: +852 6645 4462 – email info@ cedar-crest.co.uk.


Your home may be repossessed if you do not keep up with payments.

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