7 Tips for Landlords in 2024
After a rocky 2023, we wanted to give landlords some key tips as we enter 2024.
GLP’s 7 Tips how to get the best from your rental property in 2024. Read more here...
Capitalize on Emerging Market Trends
Landlords should stay informed about the evolving property market in the coming year. Targeting areas experiencing redevelopment which sometimes leads to heightened demand.
Or staying in the know about current tenant demographic trends, to know who is currently searching as well as tenants wants and demands.
Each of these can improve your understanding of where best to place your investments to achieve better returns.
Expand Portfolio Variety and Seize New Ventures
2024 is the year for investment landlords to innovate. This could involve exploring different property types, like houses in multiple occupation (HMOs) for higher yields or engaging in small-scale Build to Rent projects for sustainable growth. Diversifying helps mitigate risks and adapt to market changes.
Enhance Property Management for Better Returns
It's crucial for landlords to reassess and improve their property management approaches to ensure cost-efficiency, adequate service quality, and compliance with evolving regulations and tenant needs. Landlords who re-invest into their properties are seeing better returns in the current market than those who are not willing to do so.
Strengthen Financial and Legal Safeguards
With increasing risks, landlords must ensure robust protection for themselves and their investments. Evaluating the extent of coverage provided by their agency, including rent protection, legal coverage, and insurance, and addressing any deficiencies is key to financial security.
Prepare for the Renters (Reform) Bill
The upcoming Renters (Reform) Bill, set to transform the letting industry by eliminating 'no fault' evictions and introducing periodic tenancies, demands landlords' attention. Although specifics are yet to be clarified, readiness for these changes is essential.
Prioritize Energy Efficiency Improvements
Despite the postponement of proposed EPC changes, landlords should still focus on enhancing energy efficiency. This not only increases property value and reduces energy costs but also attracts eco-conscious tenants, possibly leading to higher rents and yields.
Anticipate Capital Gains Tax Adjustments
With Capital Gains Tax thresholds set to change in April 2024, landlords might face increased tax burdens when selling properties. Understanding the consequences of selling versus retaining or expanding their portfolios is crucial for financial planning.
We would love to discuss these points with you directly.
If you would like an up to date value on your property for either sales or lettings please do get in touch. We would be delighted to assist!
Call us today on 0207 113 1066, email us or send us a whatsapp here
Best Wishes
Megan Cutforth
Residential Lettings Director