There are many benefits to being a landlord in South Wales – income, long-term security and tax deductions, to name a few. However, the job also comes with some stresses. Keeping up with the constantly changing laws, managing your properties and finding the right tenants can be a lot to deal with.
The Mortgage Lender has conducted research amongst landlords to reveal the top ten issues keeping them awake at night. You may identify with many of these issues, but we’re hoping we can offer some support to allow you to enjoy the advantages of renting out your property.
1 Property Maintenance - 30%
2 Care of Property - 24%
3 Tenant Behaviour - 23%
4 Taxation - 19%
5 Costs vs Rental Income - 17%
6 Landlord Regulation - 13%
7 Collecting Rent - 11%
8 Finding Tenants - 10%
9 Property Prices - 10%
10 Market Conditions - 9%
It’s unsurprising that property maintenance tops the list. As a landlord, you must ensure the safety of your tenants and address any maintenance issues promptly, which can be costly if not done correctly. The average property experiences four maintenance issues in a year; the most common issues reported are ovens, water leaks and boilers. We are now approaching the time of the year where maintenances problems are more likely to be reported, so it’s important that you look after your rental before winter really hits.
Our highly trained staff are available to advise you on all aspects of lettings and how you can maximise your financial return. Are you worried about finding the right tenant? Collecting the rent? Or perhaps you’re struggling to keep up with the latest landlord regulations.
Welsh landlords must be registered with Rent Smart Wales. If you then choose to manage your property yourself you must also acquire a licence. Landlords who are not involved in setting up tenancies and managing their properties do not need a licence; however, they must use a local licensed agent and register as a landlord, declaring their agent on the registration.
To ensure that they comply with the latest landlord obligations and observe the Rent Smart Wales law, many of our landlords choose one of our Lettings Services. Our full property management service is tailored to suit each individual landlord, but we can assure you that it covers many of the issues listed above. By allowing us to look after your property you will no longer need to worry about property maintenance as any repairs that are required – up to an agreed sum of money – are carried out by our team. We will also advertise your property to find the right tenants, obtain references, prepare agreements, and hold deposits for you.
Knowing your property is in safe hands will mean you no longer have to be kept awake at night and can enjoy the benefits of being a landlord. If you have a property to let or are looking to add more properties to your portfolio, visit us online at https://hathways.co.uk/ where you will find the latest properties for sale as well as details of our lettings services.