Rental properties are in high demand in the UK right now and are being snapped up quickly in many areas – nearly as soon as they are advertised, there will be numerous people interested in them. This might then make you wonder about buying a property yourself to rent out. After all- property is a great investment, and it is often seen as a more stable investment than putting money into savings, especially during periods of financial turmoil like we are experiencing now.
However, in the last few years, the Government has made it more costly to be a landlord and there are a number of changes that have been made which have put many people off renting out their property, or buying a property to rent out in the first place, which could be part of the reason why rental properties are harder to come by these days, and supply is not meeting the demand.
Things like the 3% surcharge on stamp duty that was introduced on more than one property in 2016, as well as reducing the mortgage interest relief in 2017 are both big reasons why less people have been buying properties to rent out. For some people, the responsibilities of being a landlord can also be off-putting and things like the changes to tenants’ laws could mean that in some cases landlords feel that they are losing out.
However, if you have decided that you want to invest in property, it is one of the best places to put your money. If you are new to letting out a property it is advisable to go through an experienced agency in your local area, like this lettings agency Cheltenham based company http://www.meandyouestateagents.co.uk/
They will be able to help and advise you on things like rent and responsibilities and also be able to take a lot of the hard work off you – finding the right tenant, checking that the property is in good condition and running credit checks are just a few of the things that a letting agency can do for you.
They are also a good go-between and can help deal with a lot of the admin and organisation that comes with renting out a property and ensure that you are complying with the law.
0
0
Average Rating