The pandemic has thrown the plans of many into disarray. Therefore, it’s only natural to revaluate your position one day at a time, looking for any signs that your prospects could soon change for the better. Additionally, as major rule relaxations have now begun to take place, now could be the time when it’s worth revisiting your ambitions now that economic fortunes could be set to alter significantly. What might all these changing tides mean for prospective landlords, though? Have things changed so much that it’s now feasible to become a landlord successfully during the remainder of the year? We outline how things may be taking shape below.
Unusual Uncertainty
It’s first important to note that no truly definitive answers can be provided as to whether landlords face a rocky road ahead. BBC News have reported that the renter’s market is ‘unusually certain’ due to the influences of the coronavirus, and the increased regulation and tax changes that had put off investors long before the pandemic occurred. While the number of rental properties owned outright has dropped in recent years, the number of first-time buyers has grown exponentially due to the range of support available, such as help-to-buy schemes. Still, things could potentially get moving again, as many people have perhaps grown tired of staring at the same walls over the lockdown period. Others may want to pursue job opportunities in an economy that’s slowly coming back to life. If landlords can be steadfast through this tough period, it’s possible things may improve later into the year.
Favourable Locations
At the end of last year, locations such as Manchester, Cambridge, and Oxford all ranked high in the buy-to-let performances of over 50 cities, so focusing your efforts in any of these locations could be beneficial. While London also charted favourably, it could be worth remembering that many people are looking to escape the city in favour of more rural and affordable living, so avoiding the capital may give you access to more willing and long-term tenants. It could also be a good idea to ensure that the property you’re renting out is local to where you reside. That way, you may also have more flexibility in the event any further lockdowns occur that confine you to your local area. The usual benefits still apply here too, such as being able to access the property more easily should issue arise or DIY tasks need to be carried out between tenants.
Helpful Services
Being a landlord is not a solo endeavour, and plenty of help is needed to do the job well. For example, Trade Facilities Services work hard to provide comprehensive Electrical Safety Testing services, providing periodic inspections and electrical test certificates when properties are being prepared for letting, and every 5 years afterward. They can ensure all the property’s electrical appliances are safe and promptly flag any necessary repairs that need to be undertaken. So long as supporting services such as these prevail, it may always be feasible to become a landlord. Those responsible for providing detailed maintenance checks are as ardent and hard working as ever, and this could be rather encouraging for landlords and the quality of care that they provide for their tenants for the remainder of 2021.
Greener Interests
Going green in any market or industry could be a prelude to years of success, advancement, and public goodwill. Notably, UK landlords are beginning to show increased levels of interest in green buy-to-let mortgages, particularly in the younger demographics of their kind. Climate change is a very present threat in the world today and helping the fight against it is a long-term commitment. If landlords are rallying to be a part of that cause, then it could paint a more positive picture of what important roles in society they may come to adopt in later 2021 and beyond.
