We live in a changing world.
Not only is Mr Trump across the pond changing world trade. We also have changes coming in the Private Rented Sector with the Renters Rights Bill and changes to the EPC rules.
Everyone in business needs to assess their current situation and see if changes need to be made.
And landlords are (despite what some of the ‘smaller’ landlords may think) are a business.
So what sort of things do you need to check?
You need to check that you are complying with your legal obligations.
For example:
- Have you taken a deposit?
- Do you need to get a license from the Council?
- Are you complying with the data protection rules?
You need to check that your property condition is sound
For example:
- Is it likely to meet the new ‘decent homes’ standard?
- Is it going to meet the new EPC standards?
- If not, will it cost a lot to bring it up to the proper standard?
Is it a good investment?
For example:
- Has its value gone up or down in the past five years?
- Are you charging the right rent?
- Is it at risk of flooding (which could make it difficult or impossible to insure)?
These are just a few of the important things you need to check periodically.
What is the best way to deal with this?
At Landlord Law, we have a special tool, our Audit Kit, which takes you through all the things you need to think about so you can do a comprehensive review of your property or properties.
We recommend that this is done at least once a year. However, with things changing so rapidly, you may want to carry out a review more frequently.
For example, a good time to do an extra review would be after your existing tenants have moved out before you re-let.
Just in case your audit shows that your property is not a viable investment.
How do you get hold of the kit?
It can be purchased online for £120 (inclusive of VAT). However, the best way to get access is to be a Landlord Law member, as the audit kit is available to all members as part of their membership. Membership starts at £25 pcm. It is easy to join.
Even if you don’t use our Audit kit, you should do some sort of regular review of your property portfolio.
In a changing world, you need to do regular checks to ensure that your investment properties are sound investments.