New rules and revisions are announced seemingly every other day regarding landlord and tenant law, which may mean you have to change how you work as a result of increased costs.
Here are our views as to why it's still a great idea to invest in buy-to-let property in Norwich.
Spending Wisely It's important for landlords to remember that their properties are not their homes. Make sure you take your time when searching for buy-to-let properties and decide whether you want ready-to-rent properties or ones that need renovations. It is important to speak with an agent who knows what you are looking for as well as how to maximize your earnings.
After taking taxes and other expenses into account, you can still earn a respectable income if you watch your pennies and don't spend too much on décor and furnishings.
In addition it's best to be picky with your financing options, If you're borrowing to finance a buy-to-let purchase speak to an independant broker that can offer the best advise and search the whole market for the best deals. Check out our friends atHome of Mortgages
Tenant Demand In the wake of the pandemic, the property world was turned upside down. There was a sudden decline in rental demand within Norwich City, while rural and suburban areas such saw an increase. Since people couldn't move around, vacant properties remained vacant.
People are returning to work, the UEA is open and students are looking for housing as the country tries to return to normal. This is the perfect time to get into (or back into) the game. There will always be a demand for rental properties in Norwich, but for now, it seems like rental prices are staying high.
Extra Income Being a landlord is often viewed as a way to get rich quick, but that's never been the case. Being a landlord comes with many costs, but in the end, if you manage your investment properly, you will see a great return.
Future Planning Rental properties remain an investment for the future despite tax laws and expense claims changing. Rental properties are often thought of as part of retirement income, either for the monthly rental yields or for the eventual sale of the property.
Making a huge return as a landlord won't happen overnight; it takes a lot of work. It's still worth investing in buy-to-let properties if you work with a reliable agent and maintain the property efficiently.
If you’re looking to invest in a buy-to-let or for an agent to help you manage your portfolio efficiently, contact our team at Arlington Park Estate and Letting Agents for help.
About Arlington Park Estate & Lettings We at Arlington Park Estate & Lettings in Norwich pride ourselves on providing a high level of service to our clients.
In Arlington Park, we have a client-first ethos. As a person, you deserve to be treated as such, not as a property address. Having ditched the suits, built our office around client comfort, and adhering to Propertymark regulations, we ensure that our clients feel relaxed in our company knowing that we will do everything in our power to make their property transaction as stress-free as possible.
